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GBP/USD hot forecast for 25 October, 2021


GBP/USD is falling towards 1.3750, undermined by the US dollar bounce, as the Treasury yields recover ground. UK's Frost hints at compromise on Northern Ireland's post-Brexit trade rules. BOE-speak, China news in focus.

After breaking below the ascending regression channel coming from late September on Friday, GBP/USD struggled to return within that channel. Additionally, the last 10 candles on the four-hour chart closed below the 20-period SMA, confirming the view that the bullish momentum is losing strength. Finally, the Relative Strength Index (RSI) indicator on the same chart has retreated to 50 area.

On the downside, the initial support is located at 1.3740 (Fibonacci 23.6% retracement of the latest uptrend) ahead of 13700 (psychological level, 200-period SMA) and 1.3680 (100-day SMA).

The first resistance aligns at 1.3800 (the lower line of the ascending channel, the psychological level, and a 20-period SMA). In case the pair holds above that level and manages to flip it into support, it could aim for 1.3830/40 (October 20 high, October 21 high, middle line of the channel) and 1.3880 (static level).

The material has been provided by InstaForex Company -