Currency pair Pound/Dollar GBP/USD continues to move within the correction. At the time of the publication of the forecast, the British 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 which we should again expect a rebound and the continuation of the 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 16, 2018, is the area at the level of 1.2955.
GBP/USD forecast Pound Dollar October 16, 2018
A test of the trend line on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal pattern, will be in favor of reducing the pair at Forex. Cancellation of the fall option of the pair Pound/Dollar will be a strong growth with the closing of quotes above the level of 1.3265, which will indicate a breakdown of the resistance level and continued growth of the pair in the area above the level of 1.3390. Expect confirmation of a decline in the pair is with the breakdown of the support area and closing below 1.3075.
GBP/USD forecast Pound Dollar October 16, 2018 suggests an attempt to test the resistance area near 1.3210 and continue to fall with a target below 1.2955, an additional signal in favor of reducing the British Pound will be a trend line test on the relative strength index (RSI) strong growth and a breakdown of the 1.3265 area, which would indicate continued growth of the pair.