Currency pair Pound/Dollar GBP/USD continues to move in the framework of the fall. At the time of the publication of the forecast, the pound to dollar rate is 1.2788. At the moment, we should expect an attempt to reduce and test the support area near the level of 1.2740. Where again we should expect a rebound and continued growth of the pound against the dollar. The target of the growth of the GBP/USD currency pair, in the GBP/USD forecast Pound Dollar November 16, 2018, is the area at 1.3110.
GBP/USD forecast Pound Dollar November 16, 2018
A test of the support line on the relative strength index (RSI) will be in favor of the pair growth at Forex. As well as the formation of a bull model «Wolfe Wave». Cancellation of the growth option of the pair Pound/Dollar will be the fall and breakdown of the lower boundary of the «Triangle» model with the closing of quotes below 1.2680. This will indicate that the pair will continue to fall into the area below 1.2520. Expect confirmation of the growth of the pair is with the breakdown of the resistance area and the closure above 1.2875.
GBP/USD forecast Pound Dollar November 16, 2018 implies an attempt to test the support area near the level of 1.2740. Further, the continuation of growth with the goal above level 1.3110. An additional signal in favor of the growth of the British Pound will be a test of the trend line on the indicator of relative strength index (RSI). Cancellation of the growth option will be the fall and the breakdown of the area of 1.2680. This will indicate a continued decline in the pair.