Currency pair Pound Dollar GBP/USD ends the trading week near the 1.2909 area. The pair continues to move as part of the formation of the fall and the beginning of the development of the bearish model «Wolfe Wave». Moving averages indicate a bearish trend. At this point, we should expect an attempt to develop an upward correction and test the resistance area near the level of 1.3205. Further, the beginning of the decline in quotations of the Pound Dollar to the region below the level of 1.2345.
GBP/USD Forecast and Analysis April 29 — May 3, 2019
In favor of the fall of the British Pound will test the punctured resistance line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper border of the «Wolfe Wave» model. Cancellation of the option to reduce the pair GBP/USD in the current trading week of April 29 — May 3, 2019 will be a strong growth and the breakdown of the area of 1.3545. This will indicate a breakdown of the upper limit of the model and continued growth in the region above the level of 1.3750. Confirmation of the fall in GBP/USD will be the breakdown of the support area and the close below 1.2835.
Among the important news from the UK that may affect the Pound Dollar rate, it is worth highlighting: Bank of England (BoE) Interest Rate Decision, Bank of England Governor (BoE) Speech.
GBP/USD Forecast and Analysis April 29 — May 3, 2019 involves an attempt to test the resistance level near the 1.3205 area. Where can we expect to continue the fall of the pair with a goal below 1.2345 area. An additional signal in favor of reducing will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall of the pair Pound Dollar pair will be a strong growth and the breakdown level of 1.3545. In this case, we should expect the pair to continue to grow with a potential target above the level of 1.3750.
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