The currency pair British Pound to US Dollar GBP/USD continues to move as part of the development of the bearish Wolfe wave model. At this point, we should expect a rebound and a rise in the quotes of the Pound/Dollar in the resistance area at 1.2930, where again we should expect a fall of the pair with a potential target below the area of 1.2750.
GBP/USD forecast & analysis Pound Dollar on August 17, 2017
In favor of the fall of the pair on Forex will test the resistance line on the indicator of relative strength index (RSI). Abolishing the option of reducing the pair will be a strong growth and breakdown of the area of 1.2980, which will indicate the continuation of the bullish correction for the pair.
Among the important news from the UK that can influence the rate of the Pound versus the US Dollar, it is worth highlighting: The change in the volume of retail trade taking into account the cost of fuel is expected to fall from 0.6% to 0.2%.
GBP/USD forecast & analysis Pound Dollar on August 17, 2017 suggests a correction attempt to the upper boundary of the channel near the level of 1.2930, from which it is expected to fall of the pair with the target of 1.2750.
