Currency pair Pound Dollar GBP/USD is trading at 1.2798. The pair continues to trade below the lower limit 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 31, 2018, a test of Ichimoku Kinko Hyo signal lines is expected near the level of 1.2880, from which we can expect an attempt to rebound and continue falling of the currency pair with a target near the level of 1.2610.
GBP/USD forecast Pound Dollar October 31, 2018
An additional signal in favor of reducing the currency pair GBP/USD will be a rebound from the resistance area, as well as a test of the upper limit of the bearish channel. Earlier, a weak signal was received for SELL the Pound/Dollar pair, due to the crossing 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 close of quotes above 1.3035, 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 support area and closing below 1.2745.
GBP/USD forecast Pound Dollar October 31, 2018 suggests an attempt to test the resistance area near the level of 1.2880, where you can expect the currency pair to fall further with a potential target near the level of 1.2610, the cancellation of the pair’s reduction option will break the area of 1.3035, which will indicate continued growth British Pound versus US Dollar.