Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the upward channel. At the time of the publication of the forecast, the pound to the US Dollar at Forex is 1.2217. Moving averages indicate a short-term downtrend. At the moment, we should expect an attempt to increase the British Pound and a test of the resistance area near the level of 1.2265. Where again we should expect a rebound and a continued fall in quotations of the British Pound currency pair against the US Dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for October 9, 2019, is the area at the level of 1.1980.
GBP/USD Forecast Pound Dollar October 9, 2019
An additional signal in favor of the fall of the currency pair will be a test of a downward trend line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the lower boundary of the ascending channel. Cancellation of the fall option for the Pound/Dollar pair will be a strong growth with the closing of quotations above the level of 1.2445. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to the area above the level of 1.2655. Expect to accelerate the fall of the pair is with the breakdown of the lower boundary of the rising channel and closing below 1.2115.
GBP/USD Forecast Pound Dollar October 9, 2019 suggests an attempt to test the resistance area near the level of 1.2265. Then, the continuation of the fall with the target below the level of 1.1980. An additional signal in favor of lowering the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.2445 area. This will indicate a continued rise of the pair with a potential target above the level of 1.2655.