Currency pair Pound/Dollar GBP/USD continues to move in the framework of the fall and the bearish channel. At the time of the publication of the forecast, the pound rate to the US dollar at FOREX is 1.2501. Moving averages indicate a short-term downward trend. At the moment, we should expect an attempt to rise and test the resistance area near the level of 1.2565. Where again we should expect a rebound and the continuation of the fall of the British Pound against the US dollar. The aim of the downward movement of the currency pair, in the framework of the Forex forecast for July 11, 2019, is the area at the level of 1.2345.
GBP/USD Forecast Pound Dollar July 11, 2019
In favor of the fall of the currency pair will test the downward resistance line on the indicator of relative strength. The second signal will be a rebound from the upper border of the bear channel. Cancellation of the option of falling the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2615. This will indicate a breakdown of resistance and continued growth of the Pound/Dollar pair to an area above 1.2695. The pair is expected to accelerate the fall with the breakdown of the support area and closing below the level of 1.2420.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth mentioning: Bank of England (BoE) Governor Carney Speech.
GBP/USD Forecast Pound Dollar July 11, 2019 involves an attempt to test the resistance area near the level of 1.2565. Then the continuation of the fall with the goal below 1.2345. An additional signal in favor of reducing the British Pound will be a test of the trend line on the relative strength indicator. Cancellation of the fall option will be a strong growth and the breakdown of 1.2615. This will indicate continued growth of the pair with a potential target above 1.2695.
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