Currency pair Pound/Dollar GBP/USD continues to move as part of a decline. At the time of the publication of the forecast, the pound/dollar rate is 1.2759. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.2820, from where we should again expect a rebound and a continued decline of the Pound against the Dollar. The target of the fall of the GBP/USD currency pair, in the framework of the GBP/USD forecast Pound Dollar November 1, 2018, is the area at the level of 1.2565.
GBP/USD forecast Pound Dollar November 1, 2018
In favor of reducing the pair at Forex, the test of the broken trend line on the indicator of relative strength index (RSI) will perform. Cancellation of the option of falling the Pound Dollar pair will be a strong growth and the breakdown of the resistance area with the closing of quotes above 1.2880, which will indicate a breakdown of the resistance level and the continued growth of the pair to the area above the 1.3010 level. Expect confirmation of a decline in the pair with the breakdown of the support area and closing below 1.2675.
Among the important news from the UK that may affect the GBP/USD pair is the PMI index for the manufacturing sector, the Decision on the main interest rate of the Bank of England, the Bank of England Inflation Report.
GBP/USD forecast Pound Dollar November 1, 2018 suggests an attempt to test the resistance area near 1.2820 and continue to fall with the target below 1.2565, an additional signal in favor of reducing the British Pound will be a trend line test on the relative strength index (RSI) strong growth and breakdown of the area of 1.2880, which will indicate continued growth of the pair.