Currency pair Pound/Dollar GBP/USD continues to move within the bearish channel. At the time of the publication of the forecast, the pound to dollar rate is 1.2871. At the moment, we should expect an attempt to grow and test the area of resistance near the level of 1.2925. 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 23, 2019, is the area at the level of 1.2495.
GBP/USD Forecast Pound Dollar January 23, 2019
In favor of the fall of the pair will make a test of the downward trend line on the indicator of relative strength index (RSI). As well as a rebound from the upper limit of the descending channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3010. This will indicate a breakdown of the upper boundary of the channel and continued growth of the Pound/Dollar pair to the area above the level of 1.3245. It is necessary to wait for the acceleration of the fall of the pair with the breakdown of the lower boundary of the bullish channel and closing below the level of 1.2725.
GBP/USD Forecast Pound Dollar January 23, 2019 suggests an attempt to test the resistance area near the level of 1.2925. Then the continuation of the fall with the target below the level of 1.2495. 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 the area of 1.3010. This will indicate continued growth of the pair with a potential target above level 1.3245.