The Pound Dollar GBP/USD currency pair continues to move within the fall and left the limits of the bullish channel. At the time of publication of the forecast, the exchange rate of the Pound to the US Dollar on Forex is 1.4077. Moving averages indicate the presence of a short-term bullish trend. Prices broke through the area between the signal lines down, which indicates pressure from the sellers of the currency pair and the potential continuation of the fall of the instrument. At the moment, we should expect an attempt to increase the British Pound against the US Dollar and test the resistance area near the level of 1.4105. Where again we should expect a rebound and a continuation of the fall in the quotes of the British Pound currency pair against the US Dollar. The target of the downward movement of the pair, within the Forex forecast for June 16, 2021, is the area at the level of 1.3805.
An additional signal in favor of the fall of the currency pair will be the test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower border of the bullish channel. The cancellation of the fall option of the Pound Dollar pair will be a strong growth with a breakdown of the resistance area with prices consolidating above the level of 1.4205. This will indicate the breakdown of the resistance area and the continuation of the growth of the Pound Dollar pair in the area above the level of 1.4455. We should expect confirmation of the pair's fall with the breakdown of the support area and the closing of prices under the level of 1.3905.
Forex GBP/USD. Pound Dollar forecast for June 16, 2021
Important news from the UK, which may affect the rate of the GBP/USD pair, is not expected, so the pair will continue to move within the framework of technical analysis.
Thus, the GBP/USD forecast for June 16, 2021 suggests an attempt to test the resistance area near the level of 1.4105. Then, a continuation of the fall with a target below the level of 1.3805. An additional signal in favor of the fall of the British Pound will be the test of the resistance line on the relative strength indicator. The cancellation of the fall option will be a strong growth and a breakdown of the 1.4205 area. This will indicate a continuation of the pair's rise with a potential target above the level of 1.4455.