Currency pair Pound/Dollar GBP/USD continues to move as part of the decline and the beginning of the development of the «Triangle» model. At the time of the publication of the forecast, the pound to dollar rate is 1.2995. 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 1.3035. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The aim of the downward movement of the currency pair, in the FOREX forecast for April 24, 2019, is the area at 1.2870.
GBP/USD Forecast Pound Dollar April 24, 2019
The test of the broken resistance line on the relative strength index (RSI) will be in favor of the pair falling. As well as a rebound from the lower boundary of the model «Triangle». Cancellation of the option of falling the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3135. This will indicate a breakdown of the upper limit of the model and continued growth of the Pound/Dollar pair to the area above the level of 1.3275. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.2945.
GBP/USD Forecast Pound Dollar April 24, 2019 suggests an attempt to test the resistance area near the level of 1.3035. Then the continuation of the fall with the goal below 1.2870. 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 option reduction will be a strong growth and the breakdown of 1.3135 area. This will indicate a continued rise of the pair with a potential target above level 1.3275.
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