GBP/USD: Cable Bulls Rush Back to the Bid, Find Fibonacci Resistance

GBP/USD Talking Points:

– The British Pound continues to rally after what had become a rough month of October. November has, so far, brought a change in tonality as buyers have continued to push over the past week, helping the pair to recover a large portion of prior October losses.

– A fairly hawkish Bank of England is likely contributing to a portion of this topside run, as that meeting took place on November 1st, right around the time that GBP/USD solidified its bottom. But Brexit remains of a concern, and prices will likely remain volatile as pushed in either direction by headline flow.

– Quarterly Forecasts have just been updated, and the Q4 forecast for GBP/USD is available from the DailyFX Trading Guides Page. If you’re looking to improve your trading approach, check out Traits of Successful Traders. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide.

Want to see how retail traders are currently trading GBP/USD? Click here for GBP/USD Sentiment.

British Pound Jumps

Article source: https://www.dailyfx.com/forex/technical/home/analysis/gbp-usd/2018/11/07/gbpusd-price-bulls-rush-bid-chart-resistance-fibonacci-srepstans-outlook-forecast.html