Currency pair GBP/USD is trading at 1.3071. Quotes of the pair are traded below the moving average with a period of 55, indicating a bearish trend for the pair Pound/Dollar. At the moment, the quotes of the pair are moving near the lower border of the bands of the Bollinger Bands indicator. A test of level 1.3130 is expected, from which one should expect an attempt to continue falling and further development of the downward trend with the target near the level of 1.2970.
GBP/USD forecast Pound Dollar on November 6, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1.3385. The abolition of the continuation of the fall of the pair Pound/Dollar will be a breakdown of the upper range of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair quotes above the area 1.3410, indicating a change in the bullish trend for GBP/USD. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.