Currency pair Pound Dollar GBP/USD continues to move in the fall and working off of the bearish model «Wolfe Wave». At the moment, we should expect an attempt to grow and test the resistance level near the area of 1.4170, where again we should expect a rebound and the continuation of the fall of the Pound against the US Dollar. The target of the fall of the GBP/USD pair and the development of «Wolfe Wave» model is below 1.3900.
GBP/USD forecast & technical analysis April 24, 2018
In favor of the growth of the pair on Forex will perform a test of the support area on the indicator of relative strength index (RSI), as well as the formation of the reversal model «Head and Shoulders». Cancellation of the growth variant of Pound/Dollar will be the fall and breakdown of the support area with the closing of quotes below the level of 1.3900, which will indicate the continuation of the fall of the pair. To expect confirmation of the growth of the pair is with the breakdown of the resistance area and the closing above the level of 1.4020.
GBP/USD forecast & technical analysis April 24, 2018 suggests an attempt to test the support area near the 1.3950 level and continue growing above the 1.4179 level, as part of the head and shoulders reversal pattern, an additional signal in favor of the growth of the British Pound will be the test the area of support on the indicator of relative strength index (RSI), the cancellation of the growth option will be the fall and breakdown of the area of 1.3900.
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