Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.2946. The pair continues to move in the framework of growth and a bearish channel. Moving averages indicate a bearish trend. At this, we should expect an attempt to develop a decline and test the support area near the level of 1.2705. Further, the rebound and the beginning of the growth of the Pound/Dollar quotes to the area above the level of 1.3805.
GBP/USD Forecast and Analysis November 4 — 8, 2019
In favor of the growth of the British Pound, a test of a downward trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the GBP/USD pair in the current trading week November 4 — 8, 2019 will be a fall and a breakdown of the 1.2525 area. This will indicate a breakdown of the lower boundary of the channel and continued decline to the area below the level of 1.1995. A confirmation of the growth of GBP/USD will be a breakdown of the upper border of the downward channel and closing above 1.3125.
Among the important news from the UK that may have an impact on the Pound/Dollar exchange rate, it is worth highlighting: Bank of England (BoE) Interest Rate Decision.
GBP/USD Forecast and Analysis November 4 — 8, 2019 suggests an attempt to test the support level near the area of 1.2705. Where can we expect continued growth of the pair with a target below 1.3805. An additional signal in favor of the rise will be a test of the downtrend line on the relative strength index (RSI). Cancellation of the growth option for the Pound/Dollar pair will be a fall and a breakdown of the level of 1.2525. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.1995.
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