Technical analysis of GBP/USD 01/16/2018
Currency pair GBP/USD continues to move within the downward channel. At this point one should expect an attempt to grow within the correction and test the resistance area near the level of 1.2920. Where one should expect a rebound and a continuation of the decline to the level of 1.2400.
In favor of the correction will be the discrepancy on the RSI indicator.
In favor of further reducing of the pair will be a rebound from the upper boundary of the descending channel. Cancellation of the fall of the pair will be a strong growth with the closing of quotes above 1.3000. This will indicate a breakdown of the upper boundary of the channel and a continuation of the growth to the area above 1.3150.
Among the important news from the UK, which may affect the rate of the pair GBP/USD it is worth highlighting: Consumer price index.
Created by Joshua Hayn