Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.2377. The pair continues to move as part of a bullish correction. Moving averages indicate a bearish trend. Prices are testing the area between the signal lines, indicating pressure from sellers and the potential continuation of the depreciation of the British Pound against the US Dollar. At this, we should expect an attempt to continue the development of the upward correction and test the resistance area near the level of 1.2655. Further, the rebound and the beginning of the fall of the Pound/Dollar quotes to the area below the level of 1.1275.
GBP/USD Forecast and Analysis May 11 — 15, 2020
An additional signal in favor of the fall 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 GBP/USD pair fall option in the current trading week May 11 — 15, 2020 will be a strong growth and a breakdown of the 1.3025 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.3475. A confirmation of the fall in the GBP/USD currency will be a breakdown of the support area and closing prices below 1.2205.
Among the important news from the UK that may affect the Pound/Dollar exchange rate, it is worth highlighting: United Kingdom Claimant Count Change, United Kingdom Retail Sales m/m.
GBP/USD Forecast and Analysis May 11 — 15, 2020 suggests an attempt to test the resistance level near the 1.2655 area. Where can we expect the pair to continue to fall with the target below the area of 1.1275. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth and the breakdown level of 1.3025. In this case, we should expect continued growth of the pair with a potential target above the level of 1.3475.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
