Currency pair Pound Dollar GBP/USD completes the trading week near the level of 1.2818. The pair continues to trade below the lower boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bearish trend in the Pound/Dollar pair. A test of the Ichimoku Kinko Hyo signal lines is expected near the level of 1.2910, from where we can expect an attempt to rebound and a further drop in GBP/USD with a target near the level of 1.2500.
Pound Dollar forecast GBP/USD October 29 — November 2, 2018
An additional signal in favor of the fall in the GBP/USD currency pair will be a test of the resistance level, as well as a rebound from the lower border of the «Triangle» model. Earlier, a weak signal was received for SELL of the Pound/Dollar pair, due to the crossing of signal lines at the level of 1.3080.
Canceling the option of falling quotations of the pair will be the breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotations above 1.3160, which will indicate a change in the downward trend in favor of an upward trend and continued growth. Expect to accelerate the fall of the GBP/USD quotes with the breakdown of the support area and closing below 1.2720.
Pound Dollar forecast GBP/USD October 29 — November 2, 2018 suggests an attempt to develop a correction to the level of 1.2910, where a rebound can be expected and the pair will continue to fall with a potential target near the level of 1.2500, the test will be reduced by the test of resistance, canceling the fall option the currency pair will break down the area of 1.3160, in this case we should expect continued growth.