Currency pair Pound Dollar GBP/USD completes the trading week near the 1.3256 area. The pair continues to move as part of the formation of the «Wedge» model. Moving averages indicate a bearish trend. At this point we can expect an attempt to grow and test the resistance area near the level of 1.3485. Further, the beginning of the decline in quotations of the Pound Dollar to the region below the level of 1.2545.
GBP/USD Forecast and Analysis March 18 — 22, 2019
In favor of the fall of the British Pound will test the resistance line on the indicator of relative strength index (RSI). Cancellation of the option to reduce the pair GBP/USD in the current trading week of March 18 — 22, 2019 will be a strong growth and a breakdown of the area of 1.3595. This will indicate a breakdown of the upper limit of the model and continued growth in the region above the level of 1.3750. Confirmation of the fall of GBP/USD will be a breakdown of the lower boundary of the «Wedge» model and closing below the level of 1.3035.
Among the important news from the UK that may affect the Pound/Dollar rate, it is worth highlighting: Change in the number of applications for unemployment benefits, Consumer Price Index, Decision on the Bank of England interest rate, Summary of monetary policy.
GBP/USD Forecast and Analysis March 18 — 22, 2019 involves an attempt to test the resistance level near the 1.3485 area. Where can we expect to continue the fall of the pair with the goal below area 1.2545. An additional signal in favor of reducing the test trend line on the indicator of relative strength index (RSI). Cancellation of the fall of the pair Pound/Dollar pair will be a strong growth and the breakdown level of 1.3595. In this case, we can expect the pair to continue to grow with a potential target above the level of 1.3750.