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Forex Analysis & Reviews: GBP/USD: Breaking forecast on November 29, 2022
time 29.11.2022 08:41 AM
time Relevance up to, 29.11.2022 08:40 PM

Despite an empty macroeconomic calendar, the pound started the new trading week on a pessimistic note. Although the sterling was clearly overbought last week, hardly anything could have been done to change the situation because of the closed markets in the US. These are American banks and various funds that control the largest part of the capital in the financial markets. Without them, it gets risky to make any decisions as they may result in significant losses. Once markets in the US opened, the market instantly started to move.

Today, the pound is likely to keep posting losses amid a fall in mortgage approvals to 63K versus 66.8K and a decrease in mortgage lending to £5.7 billion from £6.1 million. Given that construction and real estate account for the fifth part of the British economy, these results will be of great importance. With a projected fall in the figures, the pound will hardly show growth today.

United Kingdom Mortgage Approvals:

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GBP/USD again approached the psychological level of 1.2000 and went further down. As a result, selling volumes increased, and a sideways movement began. Notably, the sellers failed to settle below 1.1950, and the quote rebounded above 1.2000.

The RSI crossed line 50 on the 4-hour chart, reflecting an increase in selling volumes. On the daily chart, the indicator is still moving up, illustrating an upward cycle from the lowest point of the downtrend.

The Alligator signals a reversal on the 4-hour chart. Its moving averages are intertwined. On the daily chart, the Alligator is moving up, in line with the current upward cycle.

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Outlook

The downtrend will extend if the quote consolidates below 1.1950 on the 4-hour chart. The pound may then drop to 1.1750.

Alternatively, if the price returns to 1.2150, an uptrend may begin. In such a case, the price may update the swing high.

Speaking of complex indicator analysis, there is a sell signal for short-term and intraday trading. In the medium term, indicators signal an uptrend.

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
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Great Britain Pound vs US Dollar
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