Currency pair Pound/Dollar GBP/USD continues to move as part of a decline and a downward channel. At the time of the publication of the forecast, the pound rate to the US Dollar at Forex is 1.2219. Moving averages indicate a short-term downward trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.2285. Where again we should expect a rebound and the continuation of the fall of the British Pound against the US Dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for August 1, 2019, is the area at the level of 1.1835.
GBP/USD Forecast Pound Dollar August 1, 2019
An additional signal in favor of reducing the currency pair will be a test of a broken trend line on the relative strength indicator. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2375. This will indicate a breakdown of the resistance area and continued growth of the Pound Dollar pair to the area above the level of 1.2495. Expect to accelerate the fall of the pair stands with the breakdown of the lower boundary of the downward channel and closing below the level of 1.2055.
Among the important news from the UK, which may affect the GBP/USD pair rate, it is worth highlighting: Bank of England (BoE) Interest Rate Decision.
GBP/USD Forecast Pound Dollar August 1, 2019 involves an attempt to test the resistance area near the level of 1.2285. Then the continuation of the fall with the goal below 1.1835. An additional signal in favor of the growth of the British Pound will be the test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and the breakdown of the area of 1.2375. This will indicate continued growth of the pair with a potential target above the level of 1.2495.
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