GBP/USD did not manage to settle above the resistance at 1.3270 and is declining towards the support at 1.3210.
GBP/USD failed to settle above the resistance at 1.3270 and pulled back as the U.S. dollar started to rebound against a broad basket of currencies.
The U.S. Dollar Index did not manage to get to the test of the support level at 92.10 and moved closer to 92.50. If the U.S. Dollar Index manages to settle above this level, it will have a chance to gain upside momentum which will be bearish for GBP/USD.
Yesterday, UK reported that inflation rate increased by 0.7% year-over-year in October compared to analyst consensus which called for growth of 0.6%. On a month-over-month basis, Inflation Rate remained unchanged.
What's next?
GBP/USD did not manage to settle above the resistance at 1.3270 and pulled back closer to the support at 1.3210.
If GBP/USD gets below the support level at 1.3210, it will gain additional downside momentum and head towards the next support at 1.3180. A move below the support at 1.3180 will push GBP/USD towards the support at the 20 EMA at 1.3150.
On the upside, GBP/USD needs to settle above the resistance at 1.3270 to continue its upside move. The next resistance level for GBP/USD is located at 1.3325. GBP/USD has already made several attempts to get to the test of this level but failed to gain sufficient upside momentum. If GBP/USD settles above 1.3325, it will move towards the next resistance at 1.3400.
Original analysis: https://www.investing.com/news...
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