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 1.3127. At this point, we should expect an attempt to test the resistance area near the level of 1.3160, where again we should expect a rebound and a continued decrease in the Pound/Dollar. The target of the fall of the GBP/USD pair is the area below the level of 1.2935.
GBP/USD forecast & technical analysis August 2, 2018
In favor of reducing the pair on Forex will test the resistance line on the indicator of relative strength index (RSI). The cancellation of the variant of the fall of the Pound/Dollar pair will result in a strong growth and breakdown of the resistance area with the closing of quotes above the level of 1.3210, which indicates the breakdown of the upper limit of the «Triangle» model and the continued growth of the pair into 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 closing below the level of 1.3070.
GBP/USD forecast & technical analysis August 2, 2018 suggests a test of the resistance area near the level of 1.3160 and the continuation of the decline with a target below 1.2935, an additional signal in favor of the British Pound fall will be a resistance line test on the relative strength index (RSI).