Currency pair Pound/Dollar GBP/USD continues to move within the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the pound to dollar rate is 1.2757. At the moment, we can expect an attempt to grow and test the resistance area near the level of 1.2870. 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 December 4, 2018, is the area at the level of 1.2505.
GBP/USD forecast Pound Dollar December 4, 2018
A test of the trend line on the relative strength index (RSI) will be in favor of the fall of the pair on Forex. As well as a rebound from the upper limit of the model «Triangle». Cancellation of the option to reduce the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2955. This will indicate a breakdown of the resistance level and the continued growth of the pair in the area above the level of 1.3050. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.2685.
Among the important news from the UK, which may have an impact on the course of the pair GBP/USD, it is worth highlighting: the hearing of the special committee of the Treasury, the speech of the head of the Bank of England.
GBP/USD forecast Pound Dollar December 4, 2018 implies an attempt to test the support area near the level of 1.2870. Then the continuation of the fall with the goal below 1.2505. An additional signal in favor of reducing 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 the breakdown of 1.2955. This will indicate continued growth of the pair.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
