Currency pair GBP/USD is trading at 1.2916. Quotes of the pair are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for the pair Pound/Dollar. At the moment, the pair quotes are moving near the middle border of the Bollinger Bands indicator bars.
GBP/USD forecast Pound Dollar on November 3, 2020
As part of the forecast, the Pound/Dollar pair is expected to test the level of 1.2950. Where can we expect an attempt to continue the fall of the GBP/USD pair and the further development of the downward trend. The purpose of this movement is the area near the level of 1.2780. The conservative area for sales of the GBP/USD pair is located near the upper border of the Bollinger Bands indicator strip at 1.3020.
Cancellation of the option to continue the fall of the Pound/Dollar pair will be a breakdown of the area of the upper border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and closing of quotations of the pair above the 1.3100 area. This will indicate a change in the current trend in favor of the bullish for GBP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration of the fall.
GBP/USD forecast Pound Dollar on November 3, 2020 implies a test level of 1.2950. Further, it is expected to continue falling to the area below the level of 1.2780. The conservative selling area is located area of 1.3020. The cancellation of the GBP/USD pair fall option will be the breakdown of the level of 1.3100. In this case, we should expect continued growth.