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GBP/USD analysis and forecast on November 10, 2021

Today's review of the pound/dollar currency pair will be started with the still very hot topic of the COVID-19 pandemic. It is worth noting that the fifth wave of the epidemic is already gaining momentum around the world. In the UK, for example, all health professionals have to be vaccinated or they will be fired. So far there is no end in sight for COVID-19 and this poses significant risks to the global economic recovery from the effects of the pandemic. You can find out more about all of today's reports by looking at the economic calendar. As the external backdrop is quite sparse, let's focus on the technical analysis and start with yesterday's trading results.



It would seem that after the highlighted reversal candle for November 5, the pair had only to turn northwards. That's exactly what happened the day before yesterday. However, at the end of yesterday's trading, the rally came to a complete halt and a "Long-legged Doji" candle with a small bearish body was formed on the daily chart. The strength and significance of the 1.3600 level have been mentioned many times in previous articles on GBP/USD. Yesterday's trading once again confirmed the validity of such assumptions. After reaching the 1.3605 level, the bulls on the pound seem to have lost all their strength, which was immediately taken advantage of by their bearish opponents. Today the pair has already been below yesterday's minimum of 1.3522, but it bounced back up and is now trading near 1.3535.

It is difficult to predict how today's trading will end up. At the moment, the US dollar is in demand and is strengthening against both the European currency and against the British pound. If this dynamic continues, the Pound/Dollar runs the risk of falling to the psychological level of 1.3500, where market participants will decide on the further direction of the exchange rate. With the Tenkan red line and the lower boundary of the Ichimoku cloud indicator running slightly above 1.3605 resistance, a rate hike is more difficult and less realistic to achieve. Therefore, a continuation of the downside scenario is likely, which would make selling the GBP/USD pair the main trading idea.



Given the technical picture on the four-hour timeframe, it is better, safer and more profitable to sell after another GBP/USD attempt to rise to 1.3600. As you can see, there is a 50 simple moving average running through here, which is quite capable of preventing the pair from going higher and reversing the rate downwards. In today's forecast for the GBP, we should focus on the price range of 1.3585-1.3600 and in case any reversal candlestick signals appear on hourly charts, we should try to sell.The material has been provided by InstaForex Company -