Currency pair Pound/Dollar GBP/USD continues to move as part of the formation of the «Triangle» model. At the time of the publication of the forecast, the pound to dollar rate is 1.3048. Moving averages indicate a downward trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3090. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for April 18, 2019, is the area at the level of 1.2865.
GBP/USD Forecast Pound Dollar April 18, 2019
In favor of the fall of the pair will test the downward resistance line on the indicator of relative strength index (RSI). As well as a rebound from the upper limit of the model «Triangle». Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3155. This will indicate a breakdown of the upper limit of the model and the continued growth of the Pound/Dollar pair to the area above the level of 1.3355. Waiting for confirmation of the pair falling is with the breakdown of the lower boundary of the «Triangle» model and closing below 1.2985.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth highlighting: United Kingdom Retail Sales.
GBP/USD Forecast Pound Dollar April 18, 2019 involves an attempt to test the resistance area near the level of 1.3090. Then the continuation of the fall with the goal below 1.2865. 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). Cancellation of the reduction option will be a strong growth and the breakdown of the 1.3155 area. This will indicate a continued rise of the pair with a potential target above level 1.3355.
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