Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.2805. The pair continues to move within the correction and the bearish channel. Moving averages indicate a bearish trend. However, prices broke through the area between the signal lines, which indicates pressure from buyers. At this, we should expect an attempt to develop growth and test the resistance area near the level of 1.2885. Further, the rebound and the beginning of the fall of the Pound/Dollar quotes to the area below the level of 1.1895.
GBP/USD Forecast and Analysis November 11 — 15, 2019
In favor of the fall of the British Pound, a test of the downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling GBP/USD pair in the current trading week November 11 — 15, 2019 will be a strong growth and a breakdown of the 1.3105 area. This will indicate a breakdown of the upper border of the downward channel and continued growth to the area above the level of 1.3510. A confirmation of the decline in the GBP/USD currency will be a breakdown of the lower border of the rising channel and closing below 1.2625.
Among the important news from the UK that may affect the Pound/Dollar exchange rate, it is worth highlighting: PUnited Kingdom Manufacturing Production m/m, United Kingdom Claimant Count Change, United Kingdom Retail Sales m/m, United Kingdom Gross Domestic Product (GDP) q/q.
GBP/USD Forecast and Analysis November 11 — 15, 2019 suggests an attempt to test the resistance level near the 1.2885 area. Where can we expect the pair to continue to fall with the target below 1.1895. An additional signal in favor of the fall will be a test of the downtrend line on the relative strength index (RSI). Cancellation of the option to reduce the pair Pound / Dollar will be a strong growth and the breakdown level of 1.3105. In this case, we should expect continued growth of the pair with a potential target above the level of 1.3510.