Currency pair Pound Dollar GBP/USD ends the trading week near the 1.2799 area. The pair continues to move within the formation of the «Triangle» model. Moving averages indicate a bearish trend. At this point we can expect an attempt to test growth and the area of resistance near the level of 1.2970. Further, the continuation of the decline in quotations of the Pound/Dollar to the area below the level of 1.2210.
GBP/USD weekly forecast & analysis December 3 — 7, 2018
In favor of the fall of the British Pound will test the resistance line on the indicator of relative strength index (RSI). As well as a rebound from the upper boundary of the descending channel. Cancellation of the option to reduce the pair GBP/USD in the current trading week December 3 — 7, 2018 will be a strong growth and a breakdown of the 1.3150 area. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region above the level of 1.3550. Confirmation of the fall of GBP/USD will be a breakdown of the lower boundary of the «Triangle» model and a close below 1.2650.
Among the important news from the UK, which may have an impact on the Pound/Dollar rate, it is worth highlighting: ISM Manufacturing Index, Services PMI Index.
GBP/USD weekly forecast & analysis December 3 — 7, 2018 implies an attempt to test the resistance level near the 1.2970 area. Where can we expect to continue the fall of the pair with the goal below area 1.2210. An additional signal in favor of reducing the test trend line on the indicator of relative strength index (RSI). Cancellation of the fall of the pair Pound/Dollar pair will be a strong growth and the breakdown level of 1.3150. In this case, we can expect continued growth of the pair.