Currency pair Pound Dollar GBP/USD completes the trading week near the 1.3222 area. The pair continues to move as part of the formation of the bearish model «Wolfe Wave». Moving averages indicate a downward trend. At this point we should expect an attempt to grow and test the resistance area near the level of 1.3315. Further, the beginning of the decline in quotations of the Pound Dollar to the area below the level of 1.2455.
GBP/USD Forecast and Analysis March 4 — 8, 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 4 — 8, 2019 will be a strong growth and a breakdown of the 1.3455 area. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region above the level of 1.3670. Confirmation of the fall in GBP/USD will be the breakdown of the support area and the close below 1.2975.
Important news from the UK, which may have an impact on the pound dollar, is not expected, so the pair will continue to move in the framework of technical analysis.
GBP/USD Forecast and Analysis March 4 — 8, 2019 involves an attempt to test the resistance level near the area of 1.3315. Where can we expect to continue the fall of the pair with the goal below area 1.2455. 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 1.3455. In this case, we can expect the pair to continue to grow with a potential target above the level of 1.3670.
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