GBP/USD Forecast for the Week of Nov. 21st, 2011, Technical Analysis

GBP/USD fell during the week as the Bank of England looks set to take on more quantitative easing. The safety status of the Dollar also helps, and should continue to propel this pair lower over the coming weeks. The 1.55 level look set to be tested, and the 1.53 level looks very supportive. It is at these levels that real questions will be asked of the Pound. The pair looks weak, and as a result we like selling rallies. Buying isn’t an option at these levels.

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