Currency pair Pound Dollar GBP/USD ends the trading week near the 1.2712 area. The pair continues to move as part of the decline and start working out the «Head and Shoulders» model. Moving averages indicate a bearish trend. At present, we should expect an attempt to develop an upward correction and test the resistance area near the level of 1.2865. Further, the beginning of the decline in quotations of the Pound Dollar to the area below the level of 1.2065.
GBP/USD Forecast and Analysis May 27 — 31, 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 «Neck» line of the «Head and Shoulders» model. Cancellation of the option to reduce the pair GBP/USD in the current trading week May 27 — 31, 2019 will be a strong growth and a breakdown of the 1.3145 area. This will indicate a breakdown of the upper boundary of the channel and continued growth in the region above the level of 1.3550. Confirmation of the fall in GBP/USD will be the breakdown of the support area and the close below 1.2635.
GBP/USD Forecast and Analysis May 27 — 31, 2019 involves an attempt to test the resistance level near the 1.2865 area. Where can we expect to continue the fall of the pair with the goal below area 1.2065. 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 1.3145. In this case, we should expect the pair to continue to grow with a potential target above the level of 1.3550.