Currency pair Pound/Dollar GBP/USD continues to move as part of a minor correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2865. 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 1.2805. 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 purpose of the upward movement of the currency pair, in the framework of the Forex forecast for November 8, 2019, is the area at the level of 1.3215.
GBP/USD Forecast Pound Dollar November 8, 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 «Triangle» model. The cancellation of the growth option for the Pound/Dollar pair will be a fall with the closing of quotations below 1.2505. This will indicate a breakdown of the support area and the continued fall of the Pound/Dollar pair to the area below 1.2245. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and closing above the level of 1.3005.
GBP/USD Forecast Pound Dollar November 8, 2019 suggests an attempt to test the support area near the level of 1.2805. Then, continued growth with the target above the level of 1.3215. 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 1.2505 area. This will indicate a continued decline in the pair with a potential target below 1.2245.