Currency pair GBP/USD is trading at 1.2538. 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 quotes of the pair are moving near the upper border of the Bollinger Bands indicator stripes.
GBP/USD weekly forecast on October 14 — 18, 2019
As part of the forecast, the Pound/Dollar pair is expected to test the level of 1.2430. Where should 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 1.2910. The conservative buying area for the GBP/USD pair is located near the lower border of the Bollinger Bands indicator strip at 1.2180.
Cancellation of the option to continue the growth of the Pound/Dollar pair will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair below the area of 1.2060. This will indicate a change in the current trend in favor of the bearish for GBP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, growth should be expected.
GBP/USD weekly forecast on October 14 — 18, 2019 suggests a test level of 1.2430. Further, growth is expected to continue to the area above the level of 1.2910. The conservative buying area is located is near the area of 1.2180. Cancellation of the growth of the pair GBP/USD will make the breakdown level of 1.2060. In this case, we should expect the continuation of the fall.
