Currency pair Pound/Dollar GBP/USD continues to move in the upward channel. At the time of the publication of the forecast, the pound to dollar rate is 1.2833. At the moment, we should expect an attempt to grow and test the area of resistance near the level of 1.2915. Where again we should expect a rebound and the continuation of the decline of the pound against the dollar. The purpose of the bearish movement of the currency pair, in the framework of the FOREX forecast for January 16, 2019, is the area at the level of 1.2535.
GBP/USD Forecast Pound Dollar January 16, 2019
In favor of reducing the pair will make a test of the bearish trend line on the indicator of relative strength index (RSI). Also rebound from the upper limit of the descending channel. Cancellation of the option of falling the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3005. This will indicate a breakdown of the upper boundary of the channel and a continuation of the rise of the Pound/Dollar pair in the area above the level of 1.3150. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing below 1.2755.
Among the important news from the UK, which may affect the rate of the pair GBP/USD, it is worth highlighting: Consumer price index.
GBP/USD Forecast Pound Dollar January 16, 2019 involves an attempt to test the resistance area near the level of 1.2915. Then continue to decline with the target below 1.2535. 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 the 1.3005 area. This will indicate a continued rise of the pair with a potential target above level 1.3150.