Currency pair Pound Dollar GBP/USD is trading at 1.2898 and continues to move as part of the decline and the downward channel. The pair continues to move below the lower boundary of the Ichimoku Kinko Hyo Cloud. This indicates the presence of a downward trend in the pair Pound/Dollar. As part of the British Pound Forex rate forecast for today April 29, 2019. A test of the area of Ichimoku Kinko Hyo signal lines is expected near the level of 1.2940. Where can we expect a rebound and the continuation of the fall of the currency pair with a target near the level of 1.2755.
Pound Dollar Forecast GBP/USD April 29, 2019
An additional signal in favor of the fall in the GBP/USD currency pair will be a rebound from the resistance area. The second signal will be a rebound from the upper boundary of the downward channel. Earlier, a medium strength signal was received for the SELL the Pound/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.3095.
Canceling the option of falling quotes of the GBP/USD pair will be the breakdown of the upper border of the Ichimoku Kinko Hyo Cloud with the closing of quotations above the 1.3050 area. Such a scenario that indicates a change in the downward trend in favor of the upward trend and the continued growth of the pair on Forex. Expect to accelerate the fall of the GBP/USD quotes with the breakdown of the support area and closure below 1.2885.
Pound Dollar Forecast GBP/USD April 29, 2019 involves an attempt to test the resistance area near the level of 1.2940. Where can we expect to continue the fall of the currency pair with a potential target near the level of 1.2755. Cancel the option to reduce the pair will breakdown area 1.3050. This will indicate continued growth of the British Pound against the US Dollar with a target at the level of 1.3185.