Currency pair GBP/USD is trading at 1.2544. Quotes of the pair are trading below the moving average with a period of 55. This indicates the presence of a bearish trend for the pair Pound/Dollar. At the moment, the pair quotes are moving near the lower border of the Bollinger Bands indicator bands.
GBP/USD weekly forecast on July 8 — 12, 2019
As part of the forecast of the pair Pound/Dollar is expected to test the level of 1.2640. Where should we expect an attempt to continue the fall of the GBP/USD pair and further development of the downward trend. The purpose of this movement is the area near the level of 1.2200. The conservative area for sales of the GBP/USD pair is located near the upper border of the Bollinger Bands indicator strip at 1.2780.
Cancellation of the option to continue the fall of the pair Pound/Dollar will be the breakdown of the area of the upper border of the Bollinger Bands indicator. As well as the moving average with a period of 55 and closing quotations of the pair above the 1.2850 area. This will indicate a change in the current trend in favor of bullish for GBP/USD. In case of a breakdown of the lower border of the Bollinger Bands indicator bands, one should expect an acceleration of the fall.
GBP/USD weekly forecast on July 8 — 12, 2019 suggests a test level of 1.2640. Further, it is expected to continue falling to the area below the level of 1.2200. The conservative sale area is located is near the area of 1.2780. The cancellation of the GBP/USD pair fall option will be the breakdown of the level of 1.2850. In this case, we can expect continued growth.