Currency pair Pound Dollar GBP/USD ends the trading week near the 1.2794 area. The pair continues to move within the bearish channel. At this point we can expect an attempt to test the resistance area near the level of 1.2990. Further, the continuation of the decline in quotations of the Pound Dollar to the area below 1.2250.
GBP/USD weekly forecast & analysis November 19 — 23, 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 November 19 — 23, 2018 will be a strong growth and the breakdown of the area of 1.3200. 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 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 19 — 23, 2018 involves an attempt to test the resistance level near the area of 1.2990. Where can we expect to continue the fall of the pair with the goal below the area of 1.2250. 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 1.3200. In this case, we can expect continued growth of the pair.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
