Currency pair Pound Dollar GBP/USD completes the trading week near the 1.2829 level. The pair continues to trade below the lower limit of the Ichimoku Kinko Hyo Cloud.
This indicates the presence of a downward trend for the pair Pound Dollar. A test of the lower border of the Ichimoku Kinko Hyo Cloud is expected near the level of 1.2975. Where can we expect an attempt to rebound and further fall on GBP/USD with a target near the level of 1.2365.
Pound Dollar forecast GBP/USD November 19 — 23, 2018
An additional signal in favor of the fall of the GBP/USD currency pair will be a test of the resistance level. As well as a rebound from the upper boundary of the descending channel. Previously, there was a strong signal for SELL the Pound Dollar pair, due to the intersection of signal lines at the level of 1.2980.
Canceling the option of falling quotes of the pair will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above area 1.3120. This will indicate a change in the downward trend in favor of the upward trend and continued growth. GBP/USD quotes are expected to accelerate with the breakdown of the lower border of the «Triangle» model and closing below 1.2700.
Pound Dollar forecast GBP/USD November 19 — 23, 2018 suggests an attempt to develop a correction to the level of 1.2975. Where can we expect a rebound and the continuation of the fall of the pair with a potential target near the level of 1.2365. In favor of reducing the test area will speak resistance. Cancellation option for the fall of the currency pair will breakdown area 1.3120. In this case, we can expect continued growth.