Currency pair Pound Dollar GBP/USD continues to move within the correction and the descending channel. At the time of publication of the forecast, the Pound/Dollar rate is 1.3245. At this point, we should expect an attempt to test the upper border of the channel near the level of 1.3280, where again we should expect a rebound and the continued decline of the Pound against the Dollar. The goal of the fall of the GBP/USD pair is the low level area of 1.2980.
GBP/USD forecast & technical analysis July 12, 2018
In favor of reducing the pair at Forex, a resistance area test will be performed on the indicator of relative strength index (RSI). The cancellation of the fall variant of the Pound/Dollar pair will result in a strong growth and breakdown of the upper border of the channel with the closing of quotes above the level of 1.3350, which will indicate the breakdown of the channel boundary and the continued growth of the pair into the area above the level of 1.3450. To expect confirmation of the pair’s decline is with the breakdown of the support area and closing below the level of 1.3170.
GBP/USD forecast & technical analysis July 12, 2018 suggests a test of the resistance area near the level of 1.3280 and the continuation of the decline with a target below 1.2980, an additional signal for the fall of the British Pound will test the trend line on the indicator of relative strength index (RSI), strong growth and breakdown of the area of 1.3350, which will indicate the exit of quotations outside the channel and the continued growth of the pair.