Currency pair Pound/Dollar GBP/USD continues to move in the framework of strong growth and the beginning of the development of the “Triangle” model. At the time of the publication of the forecast, the Pound to US Dollar rate on Forex is 1.3141. Moving averages indicate a short-term bullish trend. Prices have broken the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the instrument’s growth. At the moment, we should expect an attempt to correct the British Pound against the US Dollar and test the support area near the level of 1.3045. Where again can we expect a rebound and continued growth in quotations of the British Pound against the US Dollar. The target of the upward movement of the currency pair, in the FOREX forecast for October 22, 2020, is the area at the level of 1.3325.
GBP/USD Forecast Pound Dollar October 22, 2020
An additional signal in favor of raising 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 the breakdown of the lower border of the ascending channel. Cancellation of the growth option for the Pound/Dollar pair will be a fall with a breakdown of the support area below 1.2955. This will indicate a breakdown of the support area and the continuation of the fall of the Pound/Dollar pair to an area below 1.2805. It is worth waiting for confirmation of the growth of the pair with the breakdown of the support area and closing of the price below the level of 1.2835.
Among the important news from the UK that may affect the rate of the GBP/USD pair, it is worth highlighting: Bank of England (BoE) Governor Bailey Speech.
GBP/USD Forecast Pound Dollar October 22, 2020 suggests an attempt to test the support area near the level of 1.3045. Then, continued growth with a target above 1.3325. An additional signal in favor of a rise in the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a strong fall and a breakdown of the 1.2955 area. This will indicate a continued decline in the pair with a potential target below 1.2805.
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