Currency pair Pound/Dollar GBP/USD continues to move as part of growth and the bullish channel. At the time of the publication of the forecast, the pound to the US Dollar at FOREX is 1.2597. Moving averages indicate a short-term bearish trend. Prices have moved away from the area between the signal lines up, which indicates pressure from buyers of the currency pair.
At the moment, we should expect an attempt to develop the growth of the British Pound against the US Dollar and a test of the support area near the level of 1.2425. Where again we should expect a rebound and continued growth of quotations of the British Pound currency pair against the US Dollar. The purpose of the upward movement of the currency pair, in the framework of the Forex forecast for June 5, 2020, is the area at the level of 1.2795.
GBP/USD Forecast Pound Dollar June 5, 2020
An additional signal in favor of the growth of the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of the rise will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the Pound/Dollar pair will be a strong fall with the closing of quotations below the level of 1.2375. This will indicate a breakdown of the support area and the continued fall of the Pound/Dollar pair to the area below the level of 1.2205. Expect to accelerate the growth of the pair is with the breakdown of the resistance area and closing above 1.2675.
GBP/USD Forecast Pound Dollar June 5, 2020 implies an attempt to test the support area near the level of 1.2425. Then, continued growth with the target above 1.2795. An additional signal in favor of the fall of the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.2375 area. This will indicate a continued fall of the pair with a potential target below 1.2205.
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