Currency pair Pound Dollar GBP/USD completes the trading week near the 1.3031 area. The pair continues to move within the bearish channel. At this point we can expect an attempt to test the support area near the level of 1.2910. Further, the continued growth of quotations of the pound dollar to the area above the level of 1.3550.
GBP/USD weekly forecast & analysis November 12 — 16, 2018
In favor of the growth of the British Pound will test the support line on the indicator of relative strength index (RSI). As well as the formation of the «Head and Shoulders» reversal pattern. Cancellation of the growth of the pair GBP/USD in the current trading week of November 12 — 16, 2018 will be the fall and a breakdown of the area of 1.2700. This will indicate a breakdown of the local minimum and the continuation of falling into the region below the level of 1.2550. Confirmation of growth in GBP/USD will break the upper limit of the downward channel and close above 1.3130.
Among the important news from the UK, which may affect the rate of the Pound/Dollar, it is worth highlighting: Changes in the number of applications for unemployment benefits, Changes in the volume of retail trade, taking into account fuel costs.
GBP/USD weekly forecast & analysis November 12 — 16, 2018 involves an attempt to test the support level near the 1.2910 area. Where can we expect to continue the growth of the pair in order to above the 1.3550 area. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option of raising the pair Pound Dollar will be the fall and the breakdown level of 1.2700. In this case, we can expect a continuation of the decline of the pair.