Currency pair Pound/Dollar GBP/USD continues to move in the framework of the fall and the downward channel. At the time of the publication of the forecast, the pound to dollar rate is 1.2855. 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 1.2925. 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 May 16, 2019, is the area at the level of 1.2745.
GBP/USD Forecast Pound Dollar May 16, 2019
In favor of the fall of the currency pair will test the downward trend line on the indicator of relative strength index (RSI). As well as a rebound from the lower boundary of the rising channel. Cancellation of the option of falling the pair Pound/Dollar will be a strong increase with the closing of quotations above the level of 1.2995. This will indicate a breakdown of the resistance level and continued growth of the Pound/Dollar pair in the area above the level of 1.3135. Waiting for confirmation of the pair falling is with the breakdown of the support area and closing below 1.2805.
GBP/USD Forecast Pound Dollar May 16, 2019 involves an attempt to test the resistance area near the level of 1.2925. Then the continuation of the fall with the goal below the level of 1.2745. 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 1.2995. This will indicate continued growth of the pair with a potential target above the level of 1.3135.