DAILY NOTION - FXEMPIRE - GBP/USD Forecast - Nov 23, 2020

GBP/USD managed to settle above the resistance at 1.3270 and is testing the next resistance level at 1.3325.

GBP/USD is currently trying to settle above the nearest ressitance level at 1.3325 as the U.S. dollar continues to lose ground against a broad basket of currencies.

The U.S. Dollar Index is moving towards the nearest support level at 92.10. If the U.S. Dollar Index settles below this level, it will gain downside momentum and head towards the next support level at 91.75 which will be bullish for GBP/USD.

What's next?

GBP/USD has managed to settle above the resistance at 1.3270 and is trying to move above the next resistance level at 1.3325. If this attempt is successful, GBP/USD will head towards the next resistance at 1.3400.

In case GBP/USD gets above the resistance at 1.3400, it will move towards yearly highs at 1.3485. There are no important levels between 1.3400 and 1.3485 so this move may be fast.

On the support side, the previous resistance at 1.3270 will likely serve as the first support level for GBP/USD. If GBP/USD manages to settle below this level, it will gain downside momentum and head towards the next support level near the 20 EMA at 1.3210.

Original analysis: https://www.fxempire.com/forec...