Currency pair Pound Dollar GBP/USD continues to test the support area near the level of 1.3180. It is expected to rebound and the pair Pound Dollar rise above 1.3310 as part of the completion of the «Head and Shoulders» reversal pattern. In the vicinity of 1.3310, we should again expect a further decline with a potential target at 1.2890.
GBP/USD prediction & technical analysis on October 20, 2017
In favor of reducing the pair on Forex, a trend line test will be performed on the indicator of relative strength index (RSI). The reversal of the fall of the pair will be a strong growth and breakdown at 1.3345, indicating that the pair continues to grow above 1.35 and the reversal of the reversal pattern. Expect to accelerate the fall of the GBP/USD pair with a breakdown of the Neck line and a close below 1.3120.
GBP/USD prediction & technical analysis on October 20, 2017 suggests an attempt to rise above 1.3310 as part of the «Head and Shoulders» reversal pattern, from which it is expected to continue falling with a potential target near the area of 1.2890, an additional signal is a breakdown of the support line on the indicator relative strength (RSI), the abolition of the reduction option will be a breakdown at the level of 1.3345.