Currency pair GBP/USD is trading at 1.2920. Quotes of the pair are trading below the moving average with a period of 55, indicating a bearish trend for the pair Pound/Dollar. At the moment, quotes of the pair test the lower boundary of the bands of the Bollinger Bands indicator. An insignificant correction is expected near the level of 1.2985, from which one should expect an attempt to continue falling and further development of the downward trend with the target near the level of 1.2750.
GBP/USD forecast Pound Dollar on August 16, 2017
The conservative sales area is located near the upper boundary of the Bollinger Bands indicator bars at 1.3025. The abolition of the continuation of the fall of the pair Pound/Dollar will be a breakdown of the upper boundary of the Bollinger Bands indicator bands, as well as a moving average with a period of 55 and the closing of the pair’s quotations above the area of 1.3100, indicating a change in the bullish trend for GBP/USD. In the event of a breakdown of the lower boundary of the bands of the Bollinger Bands indicator, it is expected to accelerate the fall.