Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.3114. The pair continues to move within the bullish channel. At this point there is a drop in quotations and a test of the level of 1.2850 within the framework of the formation of the «Head and Shoulders» reversal model. Near the area of 1.2850 again we should expect an outflow and growth of the GBP/USD pair above the level of 1.3350.
GBP/USD forecast on October 30 — November 3, 2017
In favor of the decline of the British Pound, a breakdown of the support line on the indicator of relative strength index (RSI) will perform. Expect the acceleration of the fall of the GBP/USD pair with a breakdown of the lower border of the channel and a close below 1.2750. The main event of the current trading week is the decision on the main interest rate of the Bank of England, which will be held on November 2, 2017, it is expected that the rate will change from 0.25 to 0.5%, which can support the British Pound.
Among the important news from the UK that can have an impact on the Pound/Dollar rate is the PMI index for the manufacturing sector, the PMI for the construction sector, the Bank of England’s inflation report, the PMI for the services sector.
GBP/USD forecast on October 30 — November 3, 2017 suggests an attempt to fall to the lower border of the channel near the level of 1.2850 within the framework of the formation of the «Head and Shoulders» reversal pattern, from which it is expected to begin the growth of quotations in the area above the level of 1.3350.
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