Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of a reversal pattern. At the time of the publication of the forecast, the pound to dollar rate is 1.3148. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3225. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for March 29, 2019, is the area at the level of 1.2795.
GBP/USD Forecast Pound Dollar March 29, 2019
In favor of the fall of the pair will test a downward trend line on the indicator of relative strength index (RSI). As well as the formation of the «Head and Shoulders» reversal pattern. Cancellation of the option of falling the pair Pound Dollar will be a strong increase with the closing of quotations above the level of 1.3405. This will indicate a breakdown of the resistance area and continued growth of the Pound Dollar pair to the area above the level of 1.3565. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.3005.
Among the important news from the UK, which may affect the rate of the pair GBP/USD, it is worth highlighting: Gross domestic product (GDP) of the UK.
GBP/USD Forecast Pound Dollar March 29, 2019 suggests an attempt to test the resistance area near the level of 1.3225. Then the continuation of the fall with the goal below 1.2795. An additional signal in favor of the fall of the British Pound will be a test of the trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and the breakdown of the area of 1.3405. This will indicate a continued rise of the pair with a potential target above level 1.3565.