Currency pair GBP/USD is trading at 1.3030. Quotes of the pair are trading above the moving average with a period of 55, which indicates the presence of a bullish trend for the pair Pound/Dollar. At the moment, the pair quotes are moving near the middle border of the Bollinger Bands indicator bars. A test of the level of 1.2970 is expected, from which one can expect an attempt to continue to fall and further develop the downward trend with a target near the level of 1.3180.
GBP/USD forecast Pound Dollar on November 7, 2018
The conservative buying area is located near the lower border of the Bollinger Bands indicator strip at 1.2920. Cancellation of the option to continue the growth of the pair Pound/Dollar will be a breakdown of the moving average area with a period of 55, as well as the lower border of the Bollinger Bands indicator bands and closing of the pair quotes below the 1.2800 area, which will indicate a change in trend in favor of bearish for GBP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, one should expect an acceleration of growth.