Currency pair Pound Dollar GBP/USD is trading at 1.2971. The pair continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a downward trend in the Pound Dollar pair. As part of the GBP/USD forecast Pound Dollar October 24, 2018, a test of Ichimoku Kinko Hyo signal lines is expected near the level of 1.3015, from which we can expect an attempt to rebound and continue falling of the currency pair with a target near the level of 1.2855.
GBP/USD forecast Pound Dollar October 24, 2018
An additional signal in favor of reducing the GBP/USD currency pair will be a rebound from the resistance area. Earlier, a weak signal was received for SELL of the Pound/Dollar pair, due to the intersection of signal lines at the level of 1.3165.
Canceling the option of falling quotations of the GBP/USD pair will be a breakdown of the upper limit of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the 1.3145 area, indicating a change in the downward trend in favor of the upward trend and continued growth of the pair on Forex. Expect to accelerate the fall of the GBP/USD quotes with the breakdown of the lower boundary of the rising channel and closing below 1.2950.
GBP/USD forecast Pound Dollar October 24, 2018 implies an attempt to test the resistance area near the level of 1.3015, from which we can expect the currency pair to fall further with a potential target near the level of 1.2855, the cancellation of the pair reduction option will be a breakdown of the 1.3145 region.