Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3042 area. The pair continues to move within the framework of the formation of the «Wolfe Wave» model. Moving averages indicate a downward trend. At present we can expect an attempt to grow and test the resistance area near the level of 1.3235. Further, the beginning of the decline in quotations of the Pound/Dollar to the area below the level of 1.2375.
GBP/USD Forecast and Analysis April 8 — 12, 2019
In favor of the fall of the British Pound will test the 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 of reducing the pair GBP/USD in the current trading week of April 8 — 12, 2019 will be a strong growth and a breakdown of the 1.3545 area. 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 1.2945.
Among the important news from the UK, which may have an impact on the Pound/Dollar rate, it is worth highlighting: Changes in the number of applications for unemployment benefits, Changes in the volume of retail trade, taking into account fuel costs, Consumer price index.
GBP/USD Forecast and Analysis April 8 — 12, 2019 implies an attempt to test the resistance level near the 1.3235 area. Where can we expect to continue the fall of the pair with the goal below area 1.2375. 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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