The currency pair Pound Dollar GBP USD continues to move within a strong downward trend. At the moment, quotes of the pair break through the lower boundary of the descending channel, with a breakdown which is expected to accelerate the fall in the area below the level of 1.20. In favor of the variant of the drop is a rebound from the broken trend line on the indicator of relative strength.
GBP/USD Forecast Pound/Dollar on March 9, 2017
By canceling the variant of falling quotations, the pound dollar will break the upper border of the descending channel with the closing of GBP/USD quotes above the 1.2250 area, which will indicate the potential development of an upward correction in the pair for the purpose of growth near the upper boundary of the descending channel.
Important events from Britain, which may have an impact on the pound dollar rate is not expected, so the pair will continue to move in the technical analysis of GBP/USD.
GBP/USD Forecast Pound/Dollar on March 9, 2017 suggests an attempt to break the lower border of the channel and accelerate the fall of quotations to reduce near the 1.20 area.
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