Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and formation of the downward wave «Wolfe Wave» model. At the time of the publication of the forecast, the pound to dollar rate is 1.3297. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3335. 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 framework of the FOREX forecast for February 28, 2019, is the area at the level of 1.2875.
GBP/USD Forecast Pound Dollar February 28, 2019
A test of the downward trend line on the relative strength index (RSI) will be in favor of reducing the pair. As well as the formation of a bearish model «Wolfe Wave». Cancellation of the fall option of the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3445. This will indicate a breakdown of the resistance area and continued fall in the growth of the pound dollar pair to the area above the level of 1.3565. Waiting for confirmation of the pair falling is with the breakdown of the lower boundary of the bullish channel and closing below the level of 1.3145.
GBP/USD Forecast Pound Dollar February 28, 2019 implies an attempt to test the resistance area near the level of 1.3335. Then the continuation of the fall with the goal below 1.2875. 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 of the reduction option will be a strong growth and the breakdown of 1.3445. This will indicate continued growth of the pair with a potential target above level 1.3565.