Currency pair Pound/Dollar GBP/USD continues to move within the correction and the downward channel. At the time of the publication of the forecast, the pound rate to the US Dollar at Forex is 1.2482. 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 1.2405. 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 23, 2019, is the area at the level of 1.2850.
GBP/USD Forecast Pound Dollar July 23, 2019
Additionally, a signal in favor of the growth of the currency pair will be a test of the upward support line on the relative strength indicator. The second signal is the formation of an inverted «Head and Shoulders» model. Cancellation of the growth option of the pair Pound/Dollar will fall with the closing of quotes below 1.2275. This will indicate a breakdown of the support area and a continued decline in the Pound Dollar pair to the area below the level of 1.2125. The pair is expected to accelerate growth with the resistance of the resistance area and closure above 1.2595.
GBP/USD Forecast Pound Dollar July 23, 2019 implies an attempt to test the support area near the level of 1.2405. Then continued growth with a target above 1.2850. An additional signal in favor of the growth of the British Pound will be the test of the trend line on the relative strength indicator. Cancellation of the growth option will be the fall and the breakdown of the area 1.2275. This will indicate a continuation of the fall of the pair with a potential target below the level of 1.2125.