FX.co ★ GBP/USD update for November 04, 2021 - Strong downside pressure

Technical analysis:

GBP/USD had major selling after the BOE cash rate decision. I see further downside movement towards the previous daily lows.

Trading recommendation:

Due to strong downside pressure I see downside continuation in the next period.

Watch for selling opportunities on the rallies using intraday frames like 30min or hourly charts.

Major downside target set at 1,3435

Stochastic is showing downside pressure, which is another sign and confirmation for the downside movement.

Resistance is set at the price of 1,3600