The currency pair British Pound to US Dollar GBP/USD continues to be traded as part of the formation of the reversal forex model “Head and Shoulders”. It is worth expecting a test of the area of 12950 and the beginning of the fall of quotations in the area of low level 1.27.
GBP/USD forecast British Pound on May 16, 2017
In favor of the fall of the pair British Pound to US Dollar is the test of the downtrend line on the indicator of relative strength. Expect to accelerate the fall of quotations of the pair is with the breakdown of the neckline of reversal forex model “Head and Shoulders”, as well as the lower boundary of the rising channel. The abolition of the variant of the British Pound’s fall against the US Dollar on Forex will be strong growth and breakdown of the local maximum area, which will indicate the continued growth of the pair.
Among the important news from Britain, which can influence the pound against the dollar, it is worth highlighting, Consumer Price Index, it is expected that the figure will remain unchanged, but we should expect the pair’s volatility to increase at the time of publication of the news.
GBP/USD forecast British Pound on May 16, 2017 suggests an attempt to complete the formation of the right shoulder of the reversal forex model “Head and Shoulders” and the beginning of the fall into the area below the level of 1.27 as part of the model’s working, cancellation will be a breakdown of the local maximum level, which indicates the continued growth GBP/USD.
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