GBPUSD Shows Bullish Trend Ahead of FOMC Minutes Release

Andrew Fischer · 21 Nov 7K Views


Technical Analysis

Signal: Continuation Bullish / Upward

Demand Level: 1975.29 - 1978.16

The prediction for gold suggests a likely continuation of the trend. Earlier this morning, the price ranged between 1977 - 1978, and currently, it's within the range of 1990 - 1992. This indicates a tendency for further upward movement. However, amid this upward trend, short-term declines should be noted. Overall, the trend seems to favor an upward trajectory. It's important to remain cautious during the release of the 'FOMC Meeting' news as the movement might become volatile. Therefore, it's crucial to prepare for potential risks before following the news release.



Technical Analysis

Signal: Continuation Bearish / Downward

Supply Levels: 148.552 - 148.383

The prediction for the USD suggests a continued downward trend due to ongoing influences from previous declines that still linger. This current condition mirrors the prior downtrend. Moreover, with the upcoming release of the "FOMC Minutes" news overnight, where interest rates are anticipated to remain unchanged, this might further support the downward movement. For today, there isn't any significantly impactful news anticipated.



Technical Analysis

Signal: Continuation Bullish / Upward

Demand Levels: 1.24562 - 1.24804

The prediction for the British Pound still indicates a fairly significant upward trend, despite minor declines. This presents an opportunity for a potential reversal amidst the ongoing upward movement. However, it's essential to note the 'FOMC Minutes' news release expected early tomorrow, suggesting a further decline in the USD. This presents an opportunity for investors who favor pre-news release analysis. The overall trend still indicates a downward movement, lacking significant signs of a reversal, hence the potential for further decline.

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