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GBP/USD hot forecast on 22 November

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GBP/USD broke below its daily consolidation channel after the White House announced that US President Joe Biden has decided to nominate Jerome Powell as the next Fed chair. Pressured by the broad-based dollar strength, the pair is testing 1.3400.

With Friday's sharp decline, GBP/USD broke below the ascending trend line coming from November 12. Additionally, the Relative Strength Index (RSI) indicator on the four-hour chart continues to push lower toward 40, confirming the view that the bearish momentum is picking up steam.

On the downside, 1.3400 (Fibonacci 23.6% retracement of the November 9-12 drop) aligns as the first technical support. In case sellers flip that level into resistance, GBP/USD could target fresh 2021-lows near 1.3350.

Near-term resistance seems to have formed at 1.3440 (Fibonacci 38.2% retracement) before 1.3460/70 (Fibonacci 50% retracement, 50-period SMA) and 1.3500 (psychological level).

The material has been provided by InstaForex Company - www.instaforex.com