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 1.2835. Where once again we should expect a rebound and the continuation of the decline of the pound against the dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for June 7, 2019, is the area at the level of 1.2425.
GBP/USD Forecast Pound Dollar June 7, 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 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 upper boundary of the downward channel and the continued growth of the Pound/Dollar pair to the area above the level of 1.2955. 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 7, 2019 suggests an attempt to test the resistance area near the level of 1.2835. Then the continuation of the fall with the goal below the level of 1.2425. 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.
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