Currency pair Pound/Dollar GBP/USD continues to move in the upward correction and the downward channel. At the time of the publication of the forecast, the pound to dollar rate is 1.2716. Moving averages indicate a short-term bearish trend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.2845. Where once again we should expect a rebound and the continuation of the decline of the pound against the dollar. The aim of the downward movement of the currency pair, in the Forex forecast for June 6, 2019, is the area at the level of 1.2455.
GBP/USD Forecast Pound Dollar June 6, 2019
In favor of the fall of the currency pair will test the downward resistance line on the indicator of relative strength index (RSI). The second signal will be a rebound from the upper border of the bear channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closure of quotations above 1.2865. This will indicate a breakdown of the resistance level and continued growth of the Pound/Dollar pair in the area above the level of 1.2955. Expect confirmation of the fall of the pair is with the breakdown of the support area and closing below 1.2585.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth mentioning: Bank of England (BoE) Governor Carney Speech.
GBP/USD Forecast Pound Dollar June 6, 2019 involves an attempt to test the resistance area near the level of 1.2845. Then the continuation of the fall with the goal below 1.2455. 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 option will be a strong growth and the breakdown of 1.2865. This will indicate continued growth of the pair with a potential target above the level of 1.2955.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
