GBP/USD Market Breaks Down at 1.3700

British Pound Price Prediction – November 2
The GBP/USD market breaks down at 1.3700 to result in a downward trend. The currency pair price, as of writing, trades around 1.3635 at an average negative percentage rate of 0.14.

GBP/USD Market
Key Levels:
Resistance levels: 1.3700, 1.3800, 1.3900
Support levels: 1.3500, 1.3400, 1.3300

GBP/USD – Daily Chart
The GBP/USD daily chart showcases that the currency pair market breaks down at 1.3700, resulting in a downward trend as there has been an emergence of about three bearish candlesticks against the trend lines of the SMAs. The 14-day SMA indicator is underneath the 50-day SMA indicator. The Stochastic Oscillators have freshly dipped into the oversold region.
Will the GBP/USD price go further downside as the market breaks down at 1.3700?
There could still be more downs as the GBP/USD market breaks down at the 1.3700 level. Price consolidation movements of the market around 1.3600 may, in the long run, give way to lower lows for a couple of sessions. The emergence of a bullish candlestick from a lower trading zone of the value line will be a re-shape that the market is getting set for an upward positioning.

On the downside of technical analysis, the GBP/USD market bears needed to be cautious of exerting new positions. There has been an indication that the market currently reaches an oversold trading condition. As things being, a depression appears dominating the market presently, averaging the lower support level of 1.35000.

Summarily, traders going for further shorting positions of the GBP/USD market should be cautious of their position-taking manner to avoid any possibility of getting whipsawed in no time.
GBP/USD 4-hour Chart
The GBP/USD 4-hour chart shows that the currency pair market breaks down at 1.3750, leading the price to push down further through some trading support levels. The downward motions have not been far from a kind of correction that the market necessarily needed to pass through before another round of making swing-ups. The 14-day SMA trend line has freshly intercepted the 50-day SMA trend line to the south side, touching the 1.3700 level. The Stochastic Oscillators are in the oversold region, moving in a consolidation manner. That signifies that the market still responses to a downward force. Traders should be wary of going bearish further toward the support of 1.3500.

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