Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.2587. The pair continues to move in a strong fall. Moving averages indicate a bullish trend. Prices pierced the area between the signal lines down, indicating pressure from sellers. At this, we should expect an attempt to develop a fall and test the support area near the level of 1.2405. Further, the rebound and the beginning of the growth of the Pound/Dollar quotes to the area above the level of 1.3725.
GBP/USD Forecast and Analysis March 16 — 20, 2020
An additional signal in favor of the growth of the British Pound will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the growth option for the GBP/USD pair in the current trading week March 16 — 20, 2020 will be a fall and a breakdown of the 1.2165 area. This will indicate a breakdown of the support area and continued decline to the area below the level of 1.1755. A confirmation of the growth of the GBP/USD currency will be a breakdown of the resistance area and closing of prices above the level of 1.2965.
Among the important news from the UK that may affect the Pound/Dollar exchange rate, it is worth highlighting: United Kingdom Claimant Count Change.
GBP/USD Forecast and Analysis March 16 — 20, 2020 suggests an attempt to test the support level near the 1.2405 area. Where can we expect continued growth of the pair with a target above the area of 1.3725. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the Pound/Dollar pair will be a fall and a breakdown of the level of 1.2165. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.1755.
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