Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.3024. The pair continues to move within the correction and the downward channel. Moving averages indicate a bullish trend. Prices push away from the area between the signal lines, indicating a potential upward rebound. At this, we should expect an attempt to correct and test the resistance area near the level of 1.3255. Further, the rebound and the beginning of the fall of the Poun Dollar quotes to the area below the level of 1.2145.
GBP/USD Forecast and Analysis February 17 — 21, 2020
In favor of reducing the British Pound, a test of the downtrend on the relative strength index (RSI) will come out. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option of falling GBP/USD pair in the current trading week February 17 — 21, 2020 will be a strong growth and a breakdown of the 1.3525 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.3765. A confirmation of the fall in the GBP/USD currency will be a breakdown of the support area and closing prices below 1.2725.
Among the important news from the UK that may affect the Pound/Dollar exchange rate, it is worth highlighting: United Kingdom Claimant Count Change, United Kingdom Retail Sales m/m.
GBP/USD Forecast and Analysis February 17 — 21, 2020 suggests an attempt to test the resistance level near the 1.3255 area. Where can we expect the pair to continue to fall with the target below 1.2145. An additional signal in favor of reducing will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the fall option for the Pound/Dollar pair will be a strong growth and a breakdown of the level of 1.3525. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.3765.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
