Currency pair Pound/Dollar GBP/USD continues to move within the correction. At the time of the publication of the forecast, the pound to dollar rate is 1.3220. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3295. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The purpose of the downward movement of the currency pair, in the FOREX forecast for March 5, 2019, is the area at the level of 1.2905.
GBP/USD Forecast Pound Dollar March 5, 2019
A test of the downward trend line on the relative strength index (RSI) will be in favor of reducing the pair. As well as a rebound from the lower boundary of the bullish channel. Cancellation of the option to drop the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.3385. This will indicate the breakdown of the resistance area and the continuation of the fall in the growth of the pound dollar pair to the area above the level of 1.3475. Waiting for confirmation of the pair falling is with the breakdown of the lower boundary of the ascending channel and closing below the level of 1.3135.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth highlighting: Speech by the head of the Bank of England.
GBP/USD Forecast Pound Dollar March 5, 2019 suggests an attempt to test the resistance area near the level of 1.3295. Then the continuation of the fall with the goal below 1.2905. 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 a breakdown of 1.3385. This will indicate continued growth of the pair with a potential target above level 1.3475.
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