Currency pair GBP/USD is trading at 1.2633. Quotes of the pair are trading below the moving average with a period of 55. This indicates the presence of a bullish trend for the pair Pound/Dollar. At the moment, the quotes of the pair are moving near the upper border of the Bollinger Bands indicator stripes.
GBP/USD forecast Pound Dollar on July 16, 2020
As part of the forecast, the Pound/Dollar pair is expected to test the level of 1.2590. Where can we expect an attempt to continue the growth of the GBP/USD pair and the further development of the upward trend. The purpose of this movement is the area near the level of 1.2770. The conservative buying area for the GBP/USD pair is located near the lower border of the Bollinger Bands indicator strip at 1.2510.
Cancellation of the option to continue the growth of the Pound/Dollar pair will be a breakdown of the lower border of the Bollinger Bands indicator stripes. As well as a moving average with a period of 55 and closing of quotations of the pair below 1.2260 area. This will indicate a change in the current trend in favor of the bearish for GBP/USD. In case of breakdown of the upper border of the Bollinger Bands indicator bands, growth should be expected.
GBP/USD forecast Pound Dollar on July 16, 2020 implies a test level of 1.2590. Further, growth is expected to continue to the area above the level of 1.2770. The conservative buying area is located is near the area of 1.2510. The cancellation of the growth option for the GBP/USD pair will be the breakdown of the level of 1.2260. In this case, we should expect continued fall.