Currency pair Pound Dollar GBP/USD completes trading week near area 1.3124. The pair continues to move within the framework of a bearish trend and the formation of the «Triangle» model. At this point, we should expect an attempt to test the resistance area near the level of 1.3340 and continue falling quotations in the area below the level of 1.2570.
GBP/USD weekly forecast & analysis July 16 — 20, 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 1.3560 area, which will indicate the breakdown of the resistance area and the continuation of growth to the area above the level of 1.3850. A confirmation of the fall of the GBP/USD will be the breakdown of the lower bound of the «Triangle» model and the closing below the level of 1.3060.
GBP/USD weekly forecast & analysis July 16 — 20, 2018 suggests a test of resistance level near the area of 1.3340, from where it is expected to continue falling of the pair for the purpose below the area of 1.2570, an additional signal in favor of the fall will be a test of the trend line on the indicator of relative strength index (RSI), the abolition of the option of reducing the pair Pound Dollar will be a strong growth and breakdown at 1.3560 level.
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