On the first day of the trading week, the pound / dollar remained under pressure. Restoration pair promoted a general weakening of the US dollar after Yellen speech at an economic symposium. On Monday, the British market is not working due to the bank holiday. Trading on the market was influenced by the relationship to the US dollar and risk appetite.
The pound extended its decline against the US dollar on Monday. The pair broke the level of 1.3100 and formed a consolidation below it. Resistance is located at 1.3100, support - at 1.3000.
Indicators (MACD and RSI) are located in the negative zone. MACD generates a sell signal. RSI is in the oversold zone, which is a signal for a possible correction.
The price has broken the 50 EMA and the 100 EMA on the 4-hour chart, the pound but not too far along these lines, and remained below them. The moving averages are pointing downwards and form a sell signal.
GBP / USD currency pair Pound Dollar Forecast
the pair remains bearish sentiment. If the price consolidates below 1.3100, the next target will reduce the level of 1.3000.
Forex Forecast of Fort Financial Services