Currency pair British Pound to US Dollar GBP/USD finished the trading week at 1.2869. The pound was not able to develop a continuation of growth and at the moment there is a potential for reducing the pair in the area below the level of 1.25. In favor of the fall in GBP/USD, act as a breakdown of the upward trend line on the relative strength indicator, which indicates a possible fall in the area of the nearest support on the pair.
GBP/USD weekly forecast on May 15 — 19, 2017
However, we should not exclude the attempt to test a broken trend line and only after this drop in quotes the pound of the dollar. Therefore, we should expect an attempt to test the local maximum area at the beginning of the trading week and attempt a fall. Expect the acceleration of the pair GBP/USD decline with the breakdown of the lower border of the rising channel, the abolition of the pound drop option will be strong growth and breakdown of the 1.3050 area, which will indicate the continued growth.
Among the important news from Britain, which may have an impact on the rate of the GBP/USD currency pair on the following trading week:
May 16, 2017, Tuesday, Consumer Price Index, Core Consumer Price Index, Retail Price Index, Producer Procurement Price Index.
May 17, 2017, Wednesday, Change in the number of applications for unemployment benefits, Unemployment rate, it is expected that the rate will remain at the same level of 4.7%.
May 18, 2017, Thursday, The change in the volume of retail trade taking into account the cost of fuel, is expected to grow from -1.8% to 1.2%, it is expected to increase volatility in pairs with British pound at the time of publication of news, the change in retail trade without taking into account The cost of fuel.
GBP/USD weekly forecast on May 15 — 19, 2017 suggests an attempt to test the local maximum area, within the framework of the formation of the reversal pattern and the beginning of the fall of quotations in the region of the broken border of the Forex Triangle model, in favor of the fall, the breakdown of the upward trend line on the indicator of relative strength , The cancellation of the option of reducing the pound-dollar pair will be a breakdown of the area of 1.3050.
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