Currency pair Pound/Dollar GBP/USD continues to move as part of the 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 1.2700. Moving averages indicate a short-term uptrend. At the moment, we should expect an attempt to continue the rise and test the resistance area near the level of 1.2750. Where again we should expect a rebound and the continuation of the fall of the British Pound against the US Dollar. The aim of the downward movement of the currency pair, in the FOREX forecast for June 28, 2019, is the area at the level of 1.2495.
GBP/USD Forecast Pound Dollar June 28, 2019
In favor of the fall of the currency pair will test the resistance line on the indicator of relative strength (RSI). The second signal will be the formation of a reversal FOREX model «Head and Shoulders». Cancellation of the fall option of the pair Pound/Dollar will be a strong increase with the closing of quotations above 1.2835. This will indicate a breakdown of resistance and continued growth of the Pound/Dollar pair in the area above the level of 1.3065. Expect confirmation of the fall of the pair is with the breakdown of the support area and closing below 1.2595.
Among the important news from the UK, which may have an impact on the GBP/USD pair, is the: United Kingdom Gross Domestic Product (GDP) q/q.
GBP/USD Forecast Pound Dollar June 28, 2019 implies an attempt to test the resistance area near the level of 1.2750. Then the continuation of the fall with the target 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 strength (RSI). Cancellation of the fall option will be a strong growth and the breakdown of 1.2835. This will indicate continued growth of the pair with a potential target above level 1.3065.