Currency pair Pound/Dollar GBP/USD continues to move in the upward correction and the bearish channel. At the time of the publication of the forecast, the British Pound rate to the US Dollar at Forex is 1.2731. Moving averages indicate a short-term bearish trend. At the moment, we should expect an attempt to continue the ascent and test the resistance area near the level of 1.2755. 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 June 26, 2019, is the area at the level of 1.2495.
GBP/USD Forecast Pound Dollar June 26, 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 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 1.2850. This will indicate a breakdown of the upper boundary of the downward channel and the continued growth of the Pound Dollar pair in the area above the level of 1.3085. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.2655.
Important news from the UK that may affect the GBP/USD pair is: Bank of England (BoE) Governor Carney Speech, Bank of England (BoE) Inflation Report Hearings.
GBP/USD Forecast Pound Dollar June 26, 2019 suggests an attempt to test the resistance area near the level of 1.2755. 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 area of 1.2850. This will indicate continued growth of the pair with a potential target above level 1.3085.