Currency pair Pound/Dollar GBP/USD continues to move within the downward channel. At the time of publication of the forecast, the pound to dollar rate is 1.2874. At the moment, we can expect an attempt to grow and test the area of resistance near the level of 1.2905. Where again we should expect a rebound and the continuation of the decline of the pound against the dollar. The target of the downward movement of the currency pair, in the FOREX forecast for January 18, 2019, is the area at the level of 1.2520.
GBP/USD Forecast Pound Dollar January 18, 2019
In favor of reducing the pair will make a test of the downward trend line on the indicator of relative strength index (RSI). Also rebound from the upper limit of the bearish 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 have an impact on the rate of the pair GBP/USD, it is worth highlighting: The change in the volume of retail trade, taking into account the cost of fuel.
GBP/USD Forecast Pound Dollar January 18, 2019 involves an attempt to test the resistance area near the level of 1.2905. Then continue to decline with the goal below the level of 1.2520. 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.
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