Currency pair Pound Dollar GBP/USD completes the trading week near the 1.2788 area. The pair continues to move within the framework of the start of working out the «Triangle» model. At this point we can expect an attempt to test the resistance area near the level of 1.2980. 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 October 29 — November 2, 2018
In favor of the fall of the British Pound will test the resistance line on the indicator of relative strength index (RSI). Cancellation of the option to drop the GBP/USD pair in the current trading week of October 29 — November 2, 2018 will be a strong growth and a breakdown of the 1.3250 area, which will indicate a breakdown of the upper limit of the downward channel and continued growth in the area above the level of 1.3550. Confirmation of the GBP/USD decline will be the breakdown of the support area and the close below 1.2500.
Among the important news from the UK, which may have an impact on the Pound/Dollar rate, it is worth highlighting: PMI index for the manufacturing sector, Decision on the basic interest rate of the Bank of England, Summary of monetary policy, Bank of England report on inflation.
GBP/USD weekly forecast October 29 — November 2, 2018 suggests an attempt to test the resistance level near the 1.2980 area, from which we can expect the pair to continue to fall with the target below the 1.2455 area, an additional signal in favor of a 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 1.3250, in this case we should expect the pair to continue to grow.