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 British Pound to the US dollar is 1.3151. At the moment, we should expect an attempt to test the resistance area near the level of 1.3200, where again we should expect a rebound and the continued decline of the Pound against the Dollar as part of the start of the «Wedge» model. The target of the fall of the pair GBP/USD is the area below the level of 1.2970.
GBP/USD forecast & technical analysis July 26, 2018
In favor of reducing the pair on Forex will test the resistance line on the indicator of relative strength index (RIS), as well as test the upper limit of the bearish channel. 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 1.3295, which will indicate the breakdown of the upper boundary of the bearish channel and the continuation of the pair’s growth to the area above the level of 1.3380. To expect confirmation of the decline of the pair is with the breakdown of the lower boundary of the «Wedge» model and the closing below the level of 1.3095.
GBP/USD forecast & technical analysis July 26, 2018 suggests an attempt to test the resistance area near the level of 1.3200 and continue the decline with a target below 1.2970, an additional signal in favor of the fall of the British Pound will test the resistance line on the indicator of relative strength index (RSI).
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