10% to15% (1000-2000 pip) Drop in GBPUSD Coming Q4'23 to Q1'24
Fundamentals:
Institution have a bearish forecast for the pound to drop below 1.20 against the US Dollar withing 6-12 months.
Technicals:
Quarterly Engulfing Bearish candle
Weekly Head and Shoulders Pattern with the cloud about to twist in the bearish direction next week (Week of October 12, 2023). Price is below the weekly kijun.
Daily candles are weak while price remains below the cloud. It looks like the drop from the beginning of July 14, 2023 will continue.
Technically: I anticipate a 7% drop to around 1.1360 before a large retracement. I don't want to make too much of a prediction ahead beyond that, but wait and see if price can first drop below 1.20, then accelerate to 1.1360.
Institution have a bearish forecast for the pound to drop below 1.20 against the US Dollar withing 6-12 months.
Technicals:
Quarterly Engulfing Bearish candle
Weekly Head and Shoulders Pattern with the cloud about to twist in the bearish direction next week (Week of October 12, 2023). Price is below the weekly kijun.
Daily candles are weak while price remains below the cloud. It looks like the drop from the beginning of July 14, 2023 will continue.
Technically: I anticipate a 7% drop to around 1.1360 before a large retracement. I don't want to make too much of a prediction ahead beyond that, but wait and see if price can first drop below 1.20, then accelerate to 1.1360.
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