Currency pair Pound Dollar GBP/USD continues to move within a bearish correction. At this point, we should expect an attempt to test the lower boundary of the bullish model of the «Wolfe Wave» near the area of 1.3740, where again we should expect a rebound and continued growth of the Pound against the Dollar. The growth target for the GBP/USD pair is the area above the level of 1.4180.
GBP/USD forecast & technical analysis February 13, 2018
In favor of the growth of the pair on Forex will perform a test of the support line on the indicator of relative strength index (RSI). Cancellation of the growth variant of the Pound/Dollar will be a drop and breakdown at the level of 1.3580, which will indicate the breakdown of the lower boundary of the model and the continuation of the fall of the pair below the level of 1.3450. To expect confirmation of the growth of the pair is with the breakdown of the level of 1.3920.
GBP/USD forecast & technical analysis February 13, 2018 suggests an attempt to test the lower boundary of the «Wolfe Wave» near the 1.3740 area and continue growing with a target higher than 1.4180, an additional signal for the growth of the British Pound is the trend line test on the relative strength index (RSI).