GBP/USD Forecast Pound Dollar October 7, 2020

Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of the “Triangle” model. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.2974. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall of the asset. At the moment, we should expect an attempt to correct the British Pound against the US Dollar and test the resistance area near the level of 1.2995. Where again should we expect a rebound and the beginning of a 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 October 7, 2020, is the area at the level of 1.2415.

GBP/USD Forecast Pound Dollar October 7, 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 a decline will be a rebound from the lower border of the ascending channel, as well as a test of the upper border of the “Triangle” model. Cancellation of the fall option for the Pound /Dollar pair will be a strong increase in the pair with quotes closing above 1.3115. This will indicate a breakdown of the resistance area and continued growth of the pair Pound/Dollar to the area above the level of 1.3355 Expect confirmation of the pair’s fall with the breakdown of the support area and closing of the price below 1.2575, such a movement will indicate a breakdown of the lower border of the “Triangle” model and the beginning of the development of this model.

GBP/USD Forecast Pound Dollar October 7, 2020 suggests an attempt to test the resistance area near the level of 1.2995. Then, the continuation of the fall with the target below 1.2415. An additional signal in favor of a decline in the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong price growth and a breakdown of the 1.3115 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3355.

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