Currency pair Pound/Dollar GBP/USD continues to move within the framework of the correction and the formation of the «Triangle» model. At the time of the publication of the forecast, the pound rate to the US Dollar at Forex is 1.2644. 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 1.2735. 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 framework of the Forex forecast for July 2, 2019, is the area at the level of 1.2355.
GBP/USD Forecast Pound Dollar July 2, 2019
In favor of the fall of the currency pair will test the resistance line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper limit of the model «Triangle». Cancellation of the option to drop the pair Pound Dollar will be a strong increase with the closing of quotations above 1.2845. This will indicate a breakdown of resistance and continued growth of the Pound/Dollar pair to the area above the level of 1.3075. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.2525.
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 2, 2019 involves an attempt to test the resistance area near the level of 1.2735. Then the continuation of the fall with the target below 1.2355. An additional signal in favor of reducing the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall will be a strong growth and the breakdown of 1.2845. This will indicate continued growth of the pair with a potential target above level 1.3075.
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