Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of a bearish “Wolfe Wave” pattern. At the time of the publication of the forecast, the Pound/US Dollar rate on Forex is 1.3255. Moving averages indicate a short-term bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the instrument’s growth. At the moment, we should expect an attempt at a bullish correction of the British Pound against the US Dollar and a test of the resistance area near the level of 1.3275. Where can we expect a rebound again and a continuation of the fall in quotations of the British Pound against the US Dollar. The target of the downward movement of the currency pair, in the FOREX forecast for November 12, 2020, is the area at the level of 1.2795.
GBP/USD Forecast Pound Dollar November 12, 2020
An additional signal in favor of the fall 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 decline will be a rebound from the upper border of the bearish Wolfe Wave pattern. Cancellation of the option to drop the pair Pound/Dollar will be a strong growth with a breakdown of the resistance area below 1.3365. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to an area above the level of 1.3655. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of prices below 1.3065.
Among the important news from the UK that may have an impact on the GBP/USD pair, it is worth highlighting: United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) q/q, United Kingdom Gross Domestic Product (GDP) m/m, United Kingdom Gross Domestic Product (GDP) 3m/3m, Bank of England (BoE) Governor Bailey Speech.
GBP/USD Forecast Pound Dollar November 12, 2020 suggests an attempt to test the resistance area near the level of 1.3275. Then, the continuation of the fall with the target below 1.2795. An additional signal in favor of the fall of the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the 1.3365 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3655.
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