Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and bullish channel. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2448. Moving averages indicate a short-term bearish trend. Prices are testing the area between the signal lines, which indicates pressure from the sellers of the currency pair. At the moment, we should expect an attempt to develop a depreciation of the British Pound against the US Dollar and a test of the support area near the level of 1.2285. Where again we should expect a rebound and continued growth of quotations of the British Pound currency pair against the US Dollar. The target of the upward movement of the currency pair, in the framework of the Forex forecast for July 2, 2020, is the area at the level of 1.2745.
GBP/USD Forecast Pound Dollar July 2, 2020
An additional signal in favor of the rise of the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower boundary of the ascending channel, this model is very strong resembles the bullish model «5-0». Also, do not exclude an attempt to form an inverted GBP/USD Forecast Pound Dollar July 2, 2020 model. The cancellation of the growth option for the Pound/Dollar pair will be a fall with the closing of quotations below the level of 1.2025. This will indicate a breakdown of the support area and the continued fall of the Pound/Dollar pair to the area below the level of 1.1825. Expect acceleration of the pair’s growth with the breakdown of the resistance area and the closing of the price above 1.2505, which will indicate the completion of the formation of the inverted «Head and Shoulders» model.
GBP/USD Forecast Pound Dollar July 2, 2020 implies an attempt to test the support area near the level of 1.2285. Then, continued growth with the target above 1.2745. An additional signal in favor of the rise of the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of 1.2025. This will indicate a continued decline in the pair with a potential target below the level of 1.1825.
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