Currency pair Pound/Dollar GBP/USD continues to move as part of the reversal pattern formation. At the time of the publication of the forecast, the pound to the US dollar is 1.3167. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3210, from where we should again expect a rebound and a continued decline of the Pound against the Dollar. The target of the fall of the GBP/USD currency pair, in the framework of the GBP/USD forecast Pound Dollar October 11, 2018, is the area at the level of 1.2975.
GBP/USD forecast Pound Dollar October 11, 2018
In favor of reducing the pair at Forex, a test of the trend line on the relative strength index (RSI), as well as the formation of the bearish «Wolfe Wave» model. Cancellation of the option of falling the Pound/Dollar pair will be a strong growth and the breakdown of the resistance area with the closing of quotations above 1.3265, which will indicate a breakdown of the resistance level and the continued growth of the pair in the region above the level of 1.3350. Expect confirmation of a decline in the pair stands with the breakdown of the support area and closing below 1.3050.
Among the important news from the UK, which may affect the rate of the pair GBP/USD, it is worth highlighting: Speech by the head of the Bank of England.
GBP/USD forecast Pound Dollar October 11, 2018 suggests an attempt to test the resistance area near 1.3210 and continue to fall with a target below 1.2975, an additional signal in favor of reducing the British Pound will be a trend line test on the relative strength index (RSI), canceling the fall option strong growth and a breakdown of the 1.3265 area, which will indicate continued growth of the pair.