Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3025 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 1.3150. Further, the continuation of the decline in quotations of the Pound/Dollar to the area below the level of 1.2455.
GBP/USD weekly forecast & analysis November 5 — 9, 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 the test of the upper limit of the downward channel. Cancellation of the option of falling GBP/USD pair on the current trading week from November 5 — 9, 2018, will be a strong growth and a breakdown of the area of 1.3280, which will indicate a breakdown of the upper limit of the bearish channel and continued growth in the area above the level of 1.3650. Confirmation of the GBP/USD decline will be the breakdown of the support area and the close below 1.2780.
Among the important news from the UK that may have an impact on the Pound/Dollar rate, it is worth highlighting: PMI index for the services sector, Change in GDP, Change in industrial output.
GBP/USD weekly forecast & analysis November 5 — 9, 2018 suggests an attempt to test the resistance level near 1.3150 area, from which we can expect the pair to continue to fall below 1.2455, an additional signal in favor of the decline is the trend line test on the relative strength index (RSI), cancellation of the fall option of the pair Pound/Dollar will be a strong growth and the breakdown of the level of 1.3280, in this case we should expect the pair to continue to grow.