Currency pair pound dollar GBP USD continues to attempt to increase, but at the moment there is the potential to see the pair falling quotations within mining forex Wedge pattern with the immediate goal of the fall to a level below 1.26 area. In favor of such an option appears and formation model failure swing on the indicator of relative strength, which also involves an attempt to break 1.2580 area closing prices.
GBP USD Forecast Pound Dollar on December 7, 2016
Cancellation option will be a strong growth of quotations of the pound against the dollar above the level 1.2850, which will point to a continuation of upward correction for the pair. We continue to keep selling GBP / USD and are ready to increase the volume of short positions in case of quotations outside the model. Among the important events that may have an impact on the British Pound exchange rate tomorrow, December 7, 2016 stands out, change in the volume of industrial production, growth rate is expected at the level of -0.4% to 0.2%, which could support the pound sterling.
GBP USD Forecast Pound Dollar on December 7, 2016 suggests an attempt to fall within the beginning of mining forex Wedge pattern in order to reduce the area below 1.26, in the case of breakdown of 1.2850 level is expected to continue upward trend of the pair.
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