Currency pair GBP/USD is trading at 1.2955. Quotes of the pair are trading below the moving average with a period of 55. This 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.
GBP/USD weekly forecast on November 2 — 6, 2020
As part of the forecast, the Pound/Dollar pair is expected to test the level of 1.2850. Where can we expect an attempt to continue the growth of the GBP/USD pair and the further development of the upward trend. The purpose of this movement is the area near the level of 1.3280. The conservative buying area for the GBP/USD pair is located near the lower border of the Bollinger Bands indicator strip at 1.2840.
Cancellation of the option to continue the growth of the Pound/Dollar pair will be a breakdown of the area of the lower border of the Bollinger Bands indicator bars. As well as the moving average with a period of 55 and the closing of quotations of the pair below the 1.2560 area. This will indicate a change in the current trend in favor of the bearish for GBP/USD. In case of a breakdown of the upper border of the Bollinger Bands indicator bands, we should expect an acceleration of growth.
GBP/USD weekly forecast on November 2 — 6, 2020 suggests a test level of 1.2850. Further, growth is expected to continue to the area above the level of 1.3280. The conservative area for buying is located area of 1.2840. The cancellation of the growth option for the GBP/USD pair will be the breakdown of the level of 1.2560. In this case, we should expect the fall to continue.