Currency pair Pound Dollar GBP/USD continues to move within the framework of a bullish correction. At the time of publication of the forecast, the rate of the Pound to the US Dollar is 1.3155. At this point, we should expect an attempt to test the resistance area near the level of 1.3165, where again we should expect a rebound and continue the decline of the Pound against the Dollar. The target of the fall of the GBP/USD pair is the area below the level of 1.2930.
GBP/USD forecast & technical analysis August 1, 2018
In favor of reducing the pair at Forex, a resistance line test will be performed on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal pattern on the price chart. Cancellation of the variant of the fall of the Pound/Dollar pair will be a strong growth and breakdown of the resistance area with the closing of quotes above the level of 1.3210, which will indicate the breakdown of the upper boundary of the model and the continued growth of the pair in the area above the level of 1.3375. To expect confirmation of the pair’s decline is with the breakdown of the support area and the closing below the level of 1.3080, which will indicate the completion of the formation of the «Head and Shoulders» model.
GBP/USD forecast & technical analysis August 1, 2018 suggests a test of the resistance area near the level of 1.3165 and the continuation of the decline with a target below 1.2930, an additional signal for the fall of the British Pound will be a resistance line test on the relative strength index (RSI), strong growth and breakdown of the region of 1.3210, which will indicate the continued growth of the pair and the cancellation of the reversal model «Head and Shoulders».