Currency pair Pound/Dollar GBP/USD continues to move as part of the correction 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 1.2890. Moving averages indicate a short-term bearish trend. Prices once again pushed from the area between the lines, which indicates pressure from sellers. At the moment, we should expect an attempt to increase the British Pound and test the resistance area near the level of 1.2965. Where again we should expect a rebound and a continued fall in the quotes of the British Pound currency pair against the US Dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for February 28, 2020, is the area at the level of 1.2705.
GBP/USD Forecast Pound Dollar February 28, 2020
An additional signal in favor of the fall of the currency pair will be a test of a downward trend line on the relative strength index (RSI). The second signal in favor of lowering 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 1.3075. This will indicate a breakdown of the resistance area and continued growth of the Pound/Dollar pair to the area above the level of 1.3265. Expect acceleration of the fall of the pair is with the breakdown of the support area and closing below 1.2835, which will indicate a breakdown of the lower boundary of the Triangle model. In this case, we should expect the model to work out with targets below.
Important news from the UK that may affect the GBP/USD pair is not expected, so the pair will continue to move as part of a technical analysis.
GBP/USD Forecast Pound Dollar February 28, 2020 suggests an attempt to test the resistance area near the level of 1.2965. Then, the continuation of the fall with the target below the level of 1.2705. An additional signal in favor of the fall of the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.3075 area. This will indicate a continued rise of the pair with a potential target above the level of 1.3265.
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