The GBP/USD currency pair concludes the trading week amid an ongoing upward trend and the formation of a “Triangle” pattern. At the time of this weekly forecast, the British Pound to US Dollar exchange rate stands at 1.3336. Moving averages point to a bullish trend. Prices are currently re-testing the area between the signal lines, indicating pressure from buyers and the potential for the British Pound to continue its rise against the US Dollar from current levels. In the near term, we may see an attempt at a decline, with a test of the support area near the 1.3155 level. This should be followed by an upward rebound and a continued rally for the GBP/USD pair toward levels above 1.4135.
GBP/USD Weekly Forecast October 19 – 23, 2026
An additional signal supporting a rise in the British Pound is the test of the support line on the Relative Strength Index (RSI) indicator. A second signal would be a rebound from the lower boundary of the “Triangle” pattern. The bullish scenario for the GBP/USD pair for the week of October 19–23, 2026, would be invalidated if the price falls and breaks through the 1.3055 area. This would indicate a breach of the support zone and a continued decline toward levels below 1.2685. Conversely, a breakout above the resistance zone—with the price closing above 1.3655—would confirm the bullish outlook, signaling a break through the upper boundary of the “Triangle” pattern and the initiation of a move toward higher targets.
GBP/USD Weekly Forecast October 19 – 23, 2026 suggests a potential bearish correction, with a test of the support level near 1.3155. From there, the pair is expected to resume its upward trend, targeting levels above 1.4135. An additional bullish signal is provided by a test of the trend line on the Relative Strength Index (RSI). As noted, the bullish scenario for the Pound/Dollar pair would be invalidated by a decline and a breakout below the 1.3055 level; in such a case, further downward movement toward a potential target below 1.2685 should be expected.
