Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and the rising channel. At the time of the publication of the forecast, the Pound to US Dollar rate on Forex is 1.2999. Moving averages indicate a short-term bearish trend. However, prices are testing the area between the signal lines again, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt at a bullish correction of the British Pound against the US Dollar and test the resistance area near the level of 1.3105. 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 5, 2020, is the area at the level of 1.2635.
GBP/USD Forecast Pound Dollar November 5, 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 the completion of the formation of the “Head and Shoulders” reversal pattern. Cancellation of the option to drop the Pound/Dollar pair will be a strong growth with a breakdown of the resistance area below 1.3265. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to an area above the level of 1.3455. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of prices below the level of 1.2805, which will indicate a breakdown of the lower border of the ascending channel.
Among the important news from the UK that may have an impact on the GBP/USD pair, it is worth highlighting: Bank of England (BoE) Interest Rate Decision, Statement by Bank of England (BoE) Governor Governor Bailey Speech.
GBP/USD Forecast Pound Dollar November 5, 2020 suggests an attempt to test the resistance area near the level of 1.3105. Then, the continuation of the fall with the target below 1.2635. 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 1.3265 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3455.
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