The GBP/USD pair plunges as the Dollar Index has ended its corrective phase. The current up channel was seen as a downside continuation pattern. The descending pitchforkās median line (ML) stands as a major target.Ā The GBP/USD forecast for the pair sees it plunging in the short term as the Dollar Index boosted the USD. The index ended its correction and now it looks to trade higher. As you already know from my analysis, the Dollar Index was in a temporary, short-term corrective phase which was natural after its previous swing higher. DXYās rally forces the greenback to grow versus all its rivals and not only against the British Pound. Get FREE Forex Signals Now! 3 Free Forex Every Week ā Full Technical Analysis Surprisingly or not, the British Pound lost significant ground versus the other major currencies even if the UK Retail Sales came in better than expected. The economic indicator registered a 0.8% growth in October versus 0.5% expected and after a 0.2% drop in September. If you want to research forex day trading on the information in our forecasts, then read our guide before you get started. Also, the Gfk Consumer Confidence was reported at -14 points versus -18 expected and compared to -17 in the previous reporting period. In addition, the Public Sector Net Borrowing was reported at 18.8B far above the 12.2B estimates.Ā Later today, Canada is to release its retail sales figures. You should be careful as the economic data could have a strong impact on the Dollar Index. GBP/USD Forecast: Price Technical Analysis ā Up Channel The GBP/USD pair failed to stabilize above the 1.3483 level. It has only registered false breakouts with great separation above 1.3500 psychological level signalling that the upside movement could be over. Iāve told you in a previous analysis that the currency pair could resume its rebound only as long as it stays within the ascending pitchforkās body, above the lower median line (lml). You can see that the price has tested and retested the inside sliding line where it has found resistance. The current up channel was seen as a downside continuation pattern. A valid breakdown below the lower median line (lml) could announce a downside continuation. The descending pitchforkās median line (ML) stands as a major downside target. Its failure to come back higher towards the upper median line (UML) signalled strong bearish pressure. Ā Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Daily LookMajors share Read Next AUD/USD Weekly Forecast: Bears to Aim at 0.71 amid Dovish RBA Saqib Iqbal 6 months The GBP/USD pair plunges as the Dollar Index has ended its corrective phase. The current up channel was seen as a downside continuation pattern. The descending pitchforkās median line (ML) stands as a major target.Ā The GBP/USD forecast for the pair sees it plunging in the short term as the Dollar Index boosted the USD. The index ended its correction and now it looks to trade higher. As you already know from my analysis, the Dollar Index was in a temporary, short-term corrective phase which was natural after its previous swing higher. DXYās rally forces the greenback to grow versus… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.