The currency pair British Pound to US Dollar GBP/USD continues to be traded within the framework of the forex model “Head and Shoulders”. At the moment, the quotes of the pair protested the formation of the right shoulder of the model and we should expect an attempt to continue the fall.
GBP/USD forecast British Pound on May 17, 2017
In favor of the drop comes a rebound from the resistance area on the indicator of relative strength index. Expect to accelerate the fall of the pair British Pound to US Dollar GBP/USD with the breakdown of the Neckline Forex reversal pattern. Canceling the fall of the pair will be a breach of the 1.30 area, which indicates that the GBP/USD growth continues.
Among the important news from Britain, which can have an impact on the pound against the dollar, it is worth highlighting, the change in the number of applications for unemployment benefits, the unemployment rate, the change in the level of average earnings.
GBP/USD forecast British Pound on May 17, 2017 suggests an attempt to continue the fall of the pair as part of the development of the reversal Forex model “Head and shoulders” with a potential downside target below the 1.27 area, the abolition of the fall option will be the breakdown of the 1.30 area.
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