Currency pair Pound Dollar GBP/USD ends the trading week near the 1.2578 area. The pair continues to move within the decline and the downward channel. Moving averages indicate a bearish trend. At present, we should expect an attempt to develop a correction and test the resistance area near the level of 1.2785. Further, the beginning of the decline in quotations of the Pound/Dollar to the region below the level of 1.2125.
GBP/USD Forecast and Analysis June 3 — 7, 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 bearish channel. Cancellation of the option to reduce the pair GBP/USD in the current trading week of June 3 — 7, 2019 will be strong growth and a breakdown of the 1.2965 area. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region above the level of 1.3365. 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, which may have an impact on the Pound/Dollar, it is worth highlighting: Bank of England (BoE) Governor Carney Speech.
GBP/USD Forecast and Analysis June 3 — 7, 2019 implies an attempt to test the resistance level near the 1.2785 area. Where can we expect to continue the fall of the pair with the goal below area 1.2125. 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 1.2965. In this case, we can expect the pair to continue to grow with a potential target above the level of 1.3365.
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