The currency pair Pound Dollar GBP/USD finished the trading week at 1.2526. The pair continues to trade within the framework of the Triangle model and at the moment the quotations are repelled from the upper limit of the model. The potential for continued falling of quotations in the area of the lower boundary of the model at the level of 1.21 is preserved.
GBP/USD Forecast Pound Dollar on April 17 — 21, 2017
In favor of the fall of the pound-dollar pair is a tight test of the downward trend line on the indicator of relative strength. With the breakdown of the lower boundary of the Forex Triangle model, one should expect an acceleration in the fall of the pair’s quotations in the area below the level of 1.17. The cancellation of the GBP/USD fall in the next trading week will result in a strong growth and breakdown of the upper bound of the Triangle model with the closing of quotes above 1.27, which will indicate the continued growth of the pair.
Among the important news from Britain that could influence the GBP/USD currency rate for the next trading week, Speech of the Head of the Bank of England Mark Carney with a speech on April 20, The change in the volume of retail trade taking into account the cost of fuel on April 21, is expected to decline from the level of 1.4 % To the level of -0.3% in monthly terms.
GBP/USD Forecast Pound Dollar on April 17 — 21, 2017 suggests a rebound from the upper bound of the Triangle model and a fall in the 1.21 area, with a breakdown which is expected to accelerate the fall of the Pound Dollar pair to below the 1.17 area, reversing the option will be strong growth and Breakdown of the region 1.27.
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