Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.4056. The pair continues to move within the bullish channel. At this point, we should expect an attempt to test the resistance area near the level of 1.4250 and continue falling quotations in the area below the level of 1.3700.
GBP/USD weekly forecast April 23 — 27, 2018
In favor of the fall of the British Pound, a trend line test will be performed on the relative strength index (RSI), as well as the formation of the «Head and Shoulders» reversal model. The cancellation of the fall variant of the pair will result in a strong growth and breakdown of the area of 1.4450, which will indicate the breakdown of the resistance area and the continuation of growth in the area above the level of 1.50. A confirmation of the fall of GBP/USD will be the breakdown of the support area and the closure below the level of 1.3950, which will indicate the completion of the «Head and Shoulders» reversal pattern.
GBP/USD weekly forecast April 23 — 27, 2018 suggests a test of the resistance level near the area of 1.4250, from where it is expected to continue falling of the pair with a target below the 1.3700 area, an additional signal in favor of the fall will be a trend line test on the relative strength index (RSI), the abolition of the option of reducing the pair Pound/Dollar will be a strong growth and breakdown at 1.4450 level.
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