Currency pair Pound Dollar GBP/USD ends the trading week near the level of 1.3071. The pair continues to trade above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of an upward trend in the Pound/Dollar pair. Ichimoku Kinko Hyo Cloud upper limit test is expected near the level of 1.3010, from where we can expect an attempt of a rebound and further growth on GBP/USD with the target near the level of 1.3495.
Pound Dollar forecast GBP/USD October 22 — 26, 2018
An additional signal in favor of growth of the GBP/USD currency pair will be a test of the support level, as well as a test of the upper limit of the «Triangle» model. Previously, a strong signal was received for buy of the Pound/Dollar pair, due to the crossing of signal lines at the level of 1.3100.
Cancellation of the growth of quotations of the pair will be the breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations below 1.2945, indicating a change in the upward trend in favor of the downward trend and continued decline. Expect to accelerate the growth of quotations GBP/USD stands with the breakdown of the upper limit of the model «Triangle» and the closure above 1.3280.
Pound Dollar forecast GBP/USD October 22 — 26, 2018 suggests an attempt to develop a correction to the level of 1.3010, where a rebound can be expected and the pair will continue to grow with a potential target near the level of 1.3495; the pair will break down the area of 1.2945, in this case we should expect a continuation of the decline.