Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.2560. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from the buyers of the currency pair and the potential continued growth of the asset. At the moment, we should expect an attempt to develop the growth of the British Pound against the US Dollar and test the resistance area near the level of 1.2545. Where again we should expect a rebound and a continued fall in the quotes of the British Pound currency pair against the US Dollar. The target of the downward movement of the currency pair, in the FOREX forecast for July 17, 2020, is the area at the level of 1.2355.
GBP/USD Forecast Pound Dollar July 17, 2020
An additional signal in favor of reducing the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the «Triangle» pattern. The cancellation of the option to reduce the Pound/Dollar pair will be a strong growth with the closing of quotations above the level of 1.2865. This will indicate a breakdown of the resistance area and a continued rise in the Pound/Dollar pair to an area above the level of 1.3125. Expect to accelerate the fall of the pair is with the breakdown of the support area and closing of the price below 1.2405.
Among the important news from the UK that may have an impact on the GBP/USD pair, it is worth highlighting: Bank of England (BoE) Governor Bailey Speech.
GBP/USD Forecast Pound Dollar July 17, 2020 suggests an attempt to test the resistance area near the level of 1.2545. Then, the continuation of the fall with the target below 1.2355. An additional signal in favor of lowering the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 1.2865 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3125.
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