Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.2454. The pair continues to move as part of the fall after rising. Moving averages indicate a bearish trend. Prices pushed from the area between the signal lines, indicating pressure from sellers and the potential continuation of the depreciation of the British Pound against the US Dollar at current levels. At this, we should expect an attempt to continue the development of the upward correction and test the resistance area near the level of 1.2715. Further, the rebound and the beginning of the fall of the Pound/Dollar quotes to the area below the level of 1.1420.
GBP/USD Forecast and Analysis July 6 — 10, 2020
An additional signal in favor of the fall of the British Pound will be a test of the trend line on the relative strength index (RSI). The second signal will be the formation of the «Head and Shoulders» reversal pattern. Cancellation of the fall of the GBP/USD pair in the current trading week July 6 — 10, 2020 will be a strong growth and a breakdown of the 1.3055 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.3605. A confirmation of the fall in the GBP/USD currency will be a breakdown of the support area and closing prices below the level of 1.2005, this will indicate the completion of the formation of the head and shoulders reversal pattern.
GBP/USD Forecast and Analysis July 6 — 10, 2020 suggests an attempt to test the resistance level near the 1.2715 area. Where can we expect the pair to continue to fall with the target below the area of 1.1420. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth and the breakdown level of 1.3075. In this case, we should expect continued growth of the pair with a potential target above the level of 1.3625.
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