Currency pair Pound Dollar GBP/USD completes trading week near area 1.3184. The pair continues to move within the bullish channel. At this point we should expect the growth of quotations and the test of the level of 1.3550 within the framework of the formation of the «Head and Shoulders» reversal model. Near the 1.35 area, we again expect an attempt to drop the GBP/USD quotations below the level of 1.2580.
GBP/USD weekly forecast on October 23 — 27, 2017
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 growth option on Forex will be the breakdown of the 1.37 area, which indicates the breakdown of the upper border of the channel and the continued growth of the pair. Expect the acceleration of the fall of the GBP/USD pair with a breakdown of the level of 1.3050.
Among the important news from the UK that can have an impact on the Pound/Dollar rate is worth highlighting: GDP volume change.
GBP/USD weekly forecast on October 23 — 27, 2017 assumes the attempt of the 1.3550 level test as part of the completion of the «Head and Shoulders» reversal pattern, from which it is expected to begin falling of the quotations to the area below the level of 1.2580, in favor of the fall of the pair, indicator of relative strength index (RSI).