Currency pair Pound/Dollar GBP/USD continues to move within the correction and the downward channel. At the time of the publication of the forecast, the pound rate to the US Dollar at FOREX is 1.2531. 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 1.2570. Where again we should expect a rebound and the continuation of the fall of the British Pound against the US Dollar. The target of the downward movement of the currency pair, in the Forex forecast for July 16, 2019, is the area at the level of 1.2385.
GBP/USD Forecast Pound Dollar July 16, 2019
In favor of the fall of the currency pair will test the downward resistance line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper border of the bear channel. Cancellation of the fall option of the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2635. This will indicate a breakdown of resistance and continued growth of the Pound/Dollar pair in the area above the level of 1.2755. The pair is expected to accelerate the fall with the breakdown of the support area and closing below the level 1.2455.
Important news from the UK that may affect the GBP/USD pair is: Speech by Bank of England Bank Chairman (Bank of England (BoE) Governor Carney Speech), Changes in the number of applications for unemployment benefits in the UK (United Kingdom Claimant Count Change).
GBP/USD Forecast Pound Dollar July 16, 2019 implies an attempt to test the resistance area near the level of 1.2570. Then the continuation of the fall with the target below 1.2385. 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 a breakdown of 1.2635. This will indicate continued growth of the pair with a potential target above the level of 1.2755.
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