Currency pair Pound/Dollar GBP/USD continues to move as part of the decline and the formation of the «Triangle» model. At the time of the publication of the forecast, the pound to the US dollar at Forex is 1.2136. Moving averages indicate a short-term bearish trend. At the moment, we should expect an attempt to increase the rate and test the resistance area near the level of 1.2175. Where again we should expect a rebound and the continued 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 9, 2019, is the area at the level of 1.1840.
GBP/USD Forecast Pound Dollar August 9, 2019
An additional signal in favor of reducing the currency pair will be a test of a downward trend line on the relative strength index (RSI). The second signal will be a rebound from the upper boundary of the Triangle model. Cancellation of the fall option for the Pound/Dollar pair will be a strong growth with the closing of quotations above the level of 1.2485. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to the area above the level of 1.2605. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing under the level of 1.2015.
Among the important news from the UK, which may affect the rate of the GBP/USD pair, it is worth highlighting: United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) q/q.
GBP/USD Forecast Pound Dollar August 9, 2019 suggests an attempt to test the resistance area near the level of 1.2175. Then, the continuation of the fall with the target below the level of 1.1840. An additional signal in favor of the growth of the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.2485 area. This will indicate continued growth of the pair with a potential target above 1.2605.
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