Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of the “Descending Triangle” pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3773. Moving averages indicate a short-term bearish trend. Prices broke through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt at a bullish correction of the British Pound against the US Dollar and a test of the resistance area near the level of 1.3835. Where can we expect a rebound again and a continuation of the fall in quotations of the British Pound against the US Dollar. The target of the pair’s downward movement, in the Forex forecast for April 16, 2021, is the area at the level of 1.3545.
GBP/USD Forecast Pound Dollar April 16, 2021
An additional signal in favor of reducing the currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the “Descending Triangle” pattern. Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth with a breakdown of the resistance area with prices fixing above the level of 1.3965. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to an area above the level of 1.4205. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of prices below the level of 1.3595, which will indicate a breakdown of the lower border of the “Descending Triangle” pattern.
GBP/USD Forecast Pound Dollar April 16, 2021 suggests an attempt to test the resistance area near the level of 1.3835. Then, the continuation of the fall with the target below 1.3545. An additional signal in favor of a decline in the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.3965 area. This will indicate a continued rise in the pair with a potential target above the level of 1.4205.
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