Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and upward channel. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2300. Moving averages indicate a short-term bullish trend. Prices push from the area between the signal lines, which indicates pressure from buyers and the potential continuation of the decline in the pair. At the moment, we should expect an attempt to continue the development of the depreciation of the British Pound and test the support area near the level of 1.2255. Where again we should expect a rebound and continued growth of quotations of the British Pound currency pair against the US Dollar. The target of the upward movement of the currency pair, in the framework of the FOREX forecast for April 7, 2020, is the area at the level of 1.3025.
GBP/USD Forecast Pound Dollar April 7, 2020
An additional signal in favor of the rise in the currency pair will be the formation of the head and shoulders reversal pattern on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the ascending channel. Cancellation of the option to raise the Pound/Dollar pair will fall with the closing of quotations below the level of 1.2145. This will indicate a breakdown of the support area and the continued fall of the Pound/Dollar pair to the area below the level of 1.1915. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and closing above 1.2505, which will indicate a breakdown of the resistance area.
GBP/USD Forecast Pound Dollar April 7, 2020 implies an attempt to test the support area near the level of 1.2255. Then, continued growth with the target above the level of 1.3025. An additional signal in favor of the rise of the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.2145 area. This will indicate a continued decline in the pair with a potential target below the level of 1.1915.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link