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 1.2629. 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 1.2685. 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 3, 2019, is the area at the level of 1.2495.
GBP/USD Forecast Pound Dollar July 3, 2019
In favor of the fall of the currency pair will test the resistance line on the indicator of relative strength. The second signal will be a rebound from the upper border of the bearish channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closure of quotations above 1.2735. This will indicate a breakdown of resistance and continued growth of the Pound Dollar pair to the area above the level of 1.2945. Expect confirmation of the fall of the pair is with the breakdown of the support area and closing below 1.2575.
GBP/USD Forecast Pound Dollar July 3, 2019 involves an attempt to test the resistance area near the level of 1.2685. Then the continuation of the fall with the goal below the level of 1.2495. 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 1.2735 area. This will indicate continued growth of the pair with a potential target above the level of 1.2945.