Currency pair Pound/Dollar GBP/USD continues to move as part of a minor correction and an bullish channel. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2795. Moving averages indicate a short-term bullish trend. At the moment, we should expect an attempt to develop the correction of the British Pound and a test of the support area near the level of 1.2635. Where again we should expect a rebound and the continuation of the rise in quotations of the British Pound currency pair against the US Dollar. The target of the upward movement of the currency pair, in the framework of the Forex forecast for November 12, 2019, is the area at the level of 1.3175.
GBP/USD Forecast Pound Dollar November 12, 2019
An additional signal in favor of the growth of the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the Pound/Dollar pair will be a fall with the closing of quotations below the level of 1.2465. This will indicate a breakdown of the support area and the continued fall of the Pound/Dollar pair to the area below the level of 1.2135. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and closing above the level of 1.3045.
Among the important news from the UK, which may affect the rate of the GBP/USD pair, it is worth highlighting: United Kingdom Claimant Count Change.
GBP/USD Forecast Pound Dollar November 12, 2019 suggests an attempt to test the support area near the level of 1.2635. Then, continued growth with the target above the level of 1.3175. An additional signal in favor of the rise of the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.2465 area. This will indicate a continued decline in the pair with a potential target below 1.2135.