Currency pair Pound Dollar GBP/USD completes the trading week near the 1.2652 area. The pair continues to move within the correction and the downward channel. Moving averages indicate a bearish trend. At this point, we should expect an attempt to continue the correction and test the resistance area near the level of 1.2875. Further, the beginning of the decline in quotations of the Pound/Dollar to the area below the level of 1.2095.
GBP/USD Forecast and Analysis June 17 — 21, 2019
In favor of the fall of the British Pound will test the downward trend line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper boundary of the descending channel. Cancellation of the option of reducing the pair GBP/USD in the current trading week on June 17 — 21, 2019 will be a strong growth and a breakdown of the area of 1.2985. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region above the level of 1.3245. Confirmation of a fall in GBP/USD will be the breakdown of the support area and the close below 1.2505.
Among the important news from the UK that may affect the Pound Dollar rate, it is worth highlighting: United Kingdom Retail Sales m/m, Bank of England (BoE) Interest Rate Decision, Bank of England (BoE) Governor Carney Speech.
GBP/USD Forecast and Analysis June 17 — 21, 2019 implies an attempt to test the resistance level near the 1.2875 area. Where can we expect to continue the fall of the pair with the goal below area 1.2095. 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 1.2985. In this case, we should expect the pair to continue to grow with a potential target above the level of 1.3245.