Currency pair British Pound to US Dollar GBP/USD completed the trading week at the level 1.3031. The pair continues to move within the bullish channel. At the moment, there is still potential for developing a correction on a pair GBP/USD with a potential target at level 1.2850, the breakdown of this level will indicate the continuation of the decline to the area below the level 1.2550.
GBP/USD forecast on May 22, 2017 — May 26, 2017
In favor of the decline is the formation of a reversal forex pattern “Failure Swing” on the indicator of relative strength index (RSI), as well as the breakdown of the rising trend line. However, we should not exclude the attempt to grow above the level of 1.31. Canceling the option of reducing the pair British Pound to US Dollar GBP/USD will be a breakdown of the upper border of the rising channel, which will indicate the acceleration of GBP/USD growth.
Important news from England, which may have an impact on the British Pound to US Dollar, is not expected, so the pair will continue to move in the technical analysis GBP/USD.
GBP/USD forecast on May 22, 2017 — May 26, 2017 suggests an attempt to test the area of 1.31 and start the decline with the first target near the level 1.2850 within the rebound from the broken trend line on the indicator of relative strength index (RSI), the cancellation will be a breakdown of the upper boundary of the rising channel, which will indicate the growth of the GBP/USD.
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