Currency pair Pound/Dollar GBP/USD continues to move within the growth and the downward channel. At the time of the publication of the forecast, the pound rate to the US Dollar at Forex is 1.2487. Moving averages indicate a short-term downward trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.2545. 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 Forex forecast for July 19, 2019, is the area at the level of 1.2205.
GBP/USD Forecast Pound Dollar July 19, 2019
Additionally, a signal in favor of reducing the currency pair will be a test of the downward line of support on the relative strength indicator. The second signal will be a rebound from the upper boundary of the downward channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2675. This will indicate a breakdown of the resistance area and continued growth of the Pound Dollar pair to the area above the level of 1.2845. The pair is expected to accelerate the fall with the breakdown of the support area and closing below the level of 1.2355.
GBP/USD Forecast Pound Dollar July 19, 2019 implies an attempt to test the resistance area near the level of 1.2545. Then the continuation of the fall with the goal below 1.2205. 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 the 1.2675 area. This will indicate a continued rise of the pair with a potential target above the level of 1.2845.