Currency pair Pound Dollar GBP/USD closes the trading week near the area of 1.3005. The pair continues to move in a bearish trend. At this point, we should expect an attempt to continue growth and test the resistance area near the level of 1.3250. Further, the continued decline in quotations of the Pound/Dollar in the area below the level of 1.2520.
GBP/USD weekly forecast & analysis October 1 — 5, 2018
In favor of the fall of the British Pound will perform a test of the resistance area on the indicator of relative strength index (RSI). The cancellation of the GBP/USD fall in the current trading week on October 1 — 5, 2018 will result in a strong growth and breakdown of the 1.3400 area, which will indicate the breakdown of the upper border of the channel and the continuation of growth to the area above the level of 1.3750. A confirmation of the GBP/USD decline will be the breakdown of the support area and the closing below the level of 1.2900.
Among the important news from the UK, which may have an impact on the Pound Dollar rate, it is worth highlighting: the PMI index for the manufacturing sector, the PMI index for the services sector.
GBP/USD weekly forecast & analysis October 1 — 5, 2018 suggests a test of the resistance level near the area of 1.3250, from where it is expected to continue falling of the pair for the purpose below the area of 1.2520, an additional signal in favor of the decline will be a trend line test on the indicator of relative strength index (RSI), the cancellation of the fall variant of the Pound Dollar pair will result in a strong growth and a breakdown at 1.3400, in which case we should expect the pair to continue growing.