Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the pound to dollar rate is 1.2752. At the moment, we should expect an attempt to grow and test the resistance area near the 1.2850 level. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The target of the downward movement of the currency pair, in the FOREX forecast for November 28, 2018, is the area at the level of 1.2505.
GBP/USD forecast Pound Dollar November 28, 2018
A test of the trend line on the relative strength index (RSI) will be in favor of the pair falling on Forex. Cancellation of the option to reduce the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2920. This will indicate a breakdown of the resistance level and the continued growth of the pair in the area above the level of 1.3050. It is necessary to wait for confirmation of the fall of the pair with the breakdown of the lower border of the «Triangle» model and closing below the level of 1.2685.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth highlighting: The results of stress tests.
GBP/USD forecast Pound Dollar November 28, 2018 implies an attempt to test the support area near the level of 1.2850. Then the continuation of the fall with the goal below 1.2505. An additional signal in favor of reducing the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the 1.2920 area. This will indicate continued growth of the pair.
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