Currency pair Pound Dollar GBP/USD continues to move within the framework of correction and formation of the «Triangle» model. At the time of publication of the forecast, the rate of the British Pound to the US Dollar is 1.3237. At this point, we should expect an attempt to test the upper limit of the model near the level of 1.3300, where again we should expect a rebound and continue the decline of the British Pound against the US Dollar. The target of the fall of the pair GBP/USD is the area below the level of 1.2800.
GBP/USD forecast & technical analysis July 17, 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 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 1.3360, which will indicate the breakdown of the upper limit of the «Triangle» model and the continued growth of the pair into the area above the level of 1.3450. To expect confirmation of the pair’s decline is with the breakdown of the support area and closing below the level of 1.3100.
GBP/USD forecast & technical analysis July 17, 2018 suggests a test of the resistance area near the level of 1.3300 and the continuation of the decline with a target below 1.2800, an additional signal in favor of the British Pound fall will be a resistance line test on the relative strength index (RSI).
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