GBP/USD Market May Lessen Momentum at 1.1600

GBP/USD Price Prediction – November 1
There have been signs that the GBP/USD market activities may lessen momentum soon, possibly around the 1.1600 trading line. The exchange rate for the paired currencies is currently 0.75 percent higher than the value line at 1.1546.

GBP/USD Market
Key Levels:
Resistance levels: 1.1700, 1.1800, 1.1900
Support levels: 1.1300, 1.1200, 1.1100

GBP/USD – Daily Chart
The GBP/USD daily chart depicts the currency pair market may lessen momentum around the 1.1600 trading level. The 50-day SMA indicator is at a 1.17096 value line above the 1.13676 of the 14-day SMA indicator. The lower horizontal line is drawn at 1.1000 to ascertain the baseline where the market has kept afloat over time. The Stochastic Oscillators are in the overbought region, trying to cross southbound at 83.92 and 74.59 range values.
Will the GBP/USD market push further past the resistance around the 50-day SMA value line?
The GBP/USD market may push slightly more toward resistance at the 1.1700 level in the long run, as determined that it may lessen momentum around the 1.1600 points in the near time.

On the downside of the technical analysis, the current trading posture of most of the indicators suggests the potentiality of the currency pair market losing momentum around the points of either 1.1600 or 1.1700 value lines after a long rallying motion.

In summary, it appears that the GPB/USD market bulls are pushing the valuation to a peak point not devoid of resuming a downward-trending outlook around the 1.1600 trading level.
GBP/USD 4-hour Chart
The GBP/USD medium-term chart showcases the currency pair price may begin to lessen momentum around the 1.1600 value line after hitting resistance. The 14-day SMA indicator is at 1.15124, above the 1.13768 of the 50-day SMA indicator. The Stochastic Oscillators have crossed northbound from the oversold region, maintaining 29.36 and 43.88 range values. Before starting to trend downward again, it appears the trade will continue to move toward or near the 1.1600 trading zone.


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