GBPUSD Analysis – November-13-2023
The GBPUSD currency pair is declining after encountering resistance at the upper band of the channel, as anticipated. The pair is showing downward momentum, trading below the 1.228 pivot point. Notably, the RSI indicator has risen above 50, indicating that bulls are attempting to retest the pivot.
As long as the pair stays below the pivot, the outlook remains bearish, with 1.213 (S1) as the target.
Conversely, if bulls close above the pivot and stabilize the price, the GBPUSD could potentially rise, retesting the R1 level again. However, the trend is still bearish; even if the pair increases to test R1, going long is not recommended. The R1 level or the upper band of the bullish flag may provide a strong resistance zone, offering bears an opportunity to exert additional pressure.