Currency pair Pound/Dollar GBP/USD continues to move as part of the upward correction and the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the pound rate to the US Dollar at FOREX is 1.2672. Moving averages indicate a short-term uptrend. At the moment, we should expect an attempt to continue the ascent and test the resistance area near the level of 1.2765. 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 Forex forecast for June 27, 2019, is the area at the level of 1.2485.
GBP/USD Forecast Pound Dollar June 27, 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 the formation of the depraved model «Head and shoulders». Cancellation of the option to drop the pair Pound Dollar will be a strong increase with the closing of quotations above 1.2825. This will indicate a breakdown of resistance and continued growth of the Pound/Dollar pair in the area above the level of 1.3065. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.2585.
GBP/USD Forecast Pound Dollar June 27, 2019 implies an attempt to test the resistance area near the level of 1.2765. Then the continuation of the fall with the goal below the level of 1.2485. 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 1.2825. This will indicate continued growth of the pair with a potential target above level 1.3065.