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Forex Analysis & Reviews: Hot forecast for GBP/USD on 10/26/2021
time 26.10.2021 09:46 AM
time Relevance up to, 26.10.2021 08:44 PM

Frankly speaking, it is not surprising that the pound stood still yesterday. Whatever one may say, but the macroeconomic calendar was completely empty. And there was no news either. So for the most part, investors simply had nothing to focus on. But today the situation is a little different, since at least some macroeconomic data will be published in the United States.

The house price index in the United States should rise from 19.9% to 20.1%. At the same time, new home sales may increase by 1.0%. That is, it turns out to be the most pleasant combination for investors, when both prices rise and sales. Thus, the dollar has every reason to grow.

New Home Sales (United States):

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The GBPUSD pair bounced off the resistance area of 1.3800/1.3830, returning the quote to the 38.2 Fibonacci level. As a result, the first signal was received - to sell the pound, which may lead to a change in interests.

The RSI technical instrument moves in the lower part of the indicator in the four-hour period. This signals the prevailing interest in short positions.

The chart of the daily period still shows a corrective move from the support level of 1.3400. The price reversal signal has a low confirmation level.

Expectations and prospects:

It can be assumed that the quote will temporarily be stuck between the Fibo 38.2 level and the 1.3800 value. This may have a positive effect on the volume of short positions. A sell signal will be received when the price is kept below 1.3720. This scenario considers a phased weakening of the British currency.

Comprehensive indicator analysis provides a variable signal based on short-term and intraday periods due to price stagnation.

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Dean Leo,
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