Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3040 area. The pair continues to move in the downward trend. At present we can expect an attempt to grow and test the resistance area near the level of 1.3200. Further, the continuation of the decline in quotations of the Pound/Dollar to the area below the level of 1.2550.
GBP/USD weekly forecast & analysis October 8 — 12, 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 formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling GBP/USD pair on the current trading week of October 8 — 12, 2018 will be a strong growth and a breakdown of the 1.3400 area, which will indicate a breakdown of the upper border of the channel and continued growth in the area above the level of 1.3750. Confirmation of the GBP/USD decline will be the breakdown of the support area and the close below 1.2870.
Among the important news from the UK, which may have an impact on the pound/dollar, it is worth highlighting: Changes in GDP, Changes in industrial output.
GBP/USD weekly forecast & analysis October 8 — 12, 2018 suggests an attempt to test the resistance level near the 1.3200 area, from which we can expect the pair to continue to fall with the target below the 1.2550 area, cancellation of the fall option of the pair Pound/Dollar will be a strong growth and the breakdown of the level of 1.3400, in this case we should expect the pair to continue to grow.