The currency pair British Pound to US Dollar GBP/USD continues to test the local maximum area. At the moment, the potential for falling quotations of the pound-dollar pair to the area below the level of 1.2850 remains. In favor of the drop is a rebound from the descending line of resistance on the indicator of relative strength.
Technical analysis & GBP/USD Forecast Forex on May 11, 2017
And also the formation of the Wedge reversal model, which indicates the breakdown of the lower boundary and the continuation of the decline into the area below the level of 1.2770. Expect the acceleration of falling quotations pound dollar stands with a breakdown of the support line on the initiator of relative strength. The reversal of the GBP/USD fall will be strong growth and breakdown of the 1.30 area.
Among the important news from Britain that could influence the British pound versus the US dollar, it is worth noting that the change in the volume of industrial production is expected to grow from the level of -0.7% to -0.4%. The decision on the Bank of England’s principal interest rate is expected to increase, That the rate will remain unchanged at 0.25%, Monetary Policy Summary, Bank of England Report on Inflation, Speech by the Bank of England Speaker.
GBP/USD Forecast Forex on May 11, 2017 suggests an attempt to fall below 1.2850 as part of the forex exercise of the Wedge model, a strong growth and breakdown of the 1.30 area will be canceled.
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