GBP/USD hits a low day, the outlook may be ***.5630/25

On Friday (October 21st) at the beginning of the European market, the pound/dollar continued to fall, hitting a day low of 1.5758. Currently fluctuating at 1.5780.

Charol Charts technical analyst Carol Harmer said that the pound/dollar fell to 1.5680 once, and then rebounded again, forming a head and shoulders pattern. The outlook for GBP/USD will be bearish, and it is expected to test the 1.5630/25 area again.

The GBP/USD will be bearish in the next trading session and may test the 1.5630/25 area again. Hammer said the GBP/USD will be bearish and the target is to support 1.5630/25, which will try to close out more positions. The pound/dollar fell below 1.5600 and will challenge 1.5410.

Hammer said that the initial resistance of the pound/dollar is at 1.5849/55 and that the pound/dollar has breached the 1.5849/55 region, which will ease downward pressure; however, the exchange rate will face selling pressure at this level unless the exchange rate further rises above 1.5895.

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