Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.3002. The pair continues to move in a bearish trend. At this point, we should expect an attempt to test the resistance area near the level of 1.3095 and continue falling quotations in the area below the level of 1.2530.
GBP/USD weekly forecast & analysis August 6 — 10, 2018
In favor of the decline of the British Pound, a trend line test will be performed on the indicator of relative strength index (RSI). The cancellation of the fall of the GBP/USD pair will result in strong growth and breakdown of the area of 1.3270, which will indicate the breakdown of the resistance area and the continuation of growth to the area above the level of 1.3550. A confirmation of the fall of GBP/USD will be the breakdown of the support area and the closing below the level of 1.2850.
GBP/USD weekly forecast & analysis August 6 — 10, 2018 suggests a test of the resistance level near the area of 1.3095, from which it is expected to continue falling of the pair with the target below the area of 1.2530, an additional signal in favor of the fall will be a trend line test on the indicator of relative strength index (RSI).