Currency pair Pound/Dollar GBP/USD continues to move as part of a decline and a bearish channel. At the time of the publication of the forecast, the British Pound rate to the US Dollar at FOREX is 1.2432. Moving averages indicate a short-term downward trend. At the moment, we should expect an attempt to fall and test the support area near the level of 1.2375. Where can we again expect a rebound and continued growth of the British Pound against the US Dollar. The aim of the upward movement of the currency pair, in the framework of the FOREX forecast for July 18, 2019, is the area at the level of 1.2585.
GBP/USD Forecast Pound Dollar July 18, 2019
A test of the upward support line on the relative strength indicator will be in favor of raising the currency pair. The second signal will be a rebound from the lower boundary of the model «Wolfe Wave». Cancellation of growth options for the pair Pound/Dollar will fall with the closing of quotes below 1.2300. This will indicate a breakdown of the support area and the continuation of the fall of the Pound/Dollar pair to the area below the level of 1.2155. The pair is expected to accelerate growth with the resistance of the resistance area and closure above 1.2455.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth highlighting: United Kingdom Retail Sales m/m.
GBP/USD Forecast Pound Dollar July 18, 2019 implies an attempt to test the support area near the level of 1.2375. Then continued growth with the target above the level of 1.2585. An additional signal in favor of raising the British Pound will be a test of the trend line on the relative strength indicator. Cancellation of the growth option will be the fall and the breakdown of the 1.2300 area. This will indicate a continuation of the fall of the pair with a potential target below the level of 1.2155.
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