Currency pair Pound/Dollar GBP/USD continues to move as part of the upward correction and the formation of the «Wolfe Wave» model. At the time of the publication of the forecast, the pound to dollar rate is 1.3105. Moving averages indicate an uptrend. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.3155. Where again we should expect a rebound and the continuation of the fall of the pound against the dollar. The aim of the upward movement of the currency pair, in the framework of the Forex forecast for May 7, 2019, is the area at the level of 1.2955.
GBP/USD Forecast Pound Dollar May 7, 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 upper limit of the model. Cancellation of the option to drop the pair Pound Dollar will be a strong increase with the closing of quotations above the level of 1.3205. This will indicate a breakdown of the upper limit of the model and continued growth of the Pound Dollar pair to the area above the level of 1.3335. It is necessary to wait for confirmation of the pair’s fall with the breakdown of the support area and closing below 1.3055.
GBP/USD Forecast Pound Dollar May 7, 2019 suggests an attempt to test the resistance area near the level of 1.3155. Then the continuation of the fall with the goal below the level of 1.2955. 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 the 1.3205 area. This will indicate continued growth of the pair with a potential target above level 1.3335.
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