Pound rate shows the correction from multi-year lows amid easing of market fears about the fact that the UK could leave the European Union.
Technical analysis and forecast GBP/USD for the week
Pound worked out the decline, which was expected in weekly GBP/USD forecast, but the “bears” have not stopped and updated its 7-year low at 1.3878 level. RSI indicator shows the rise, which means the beginning of the correction. There has been an attempt to pound increase above the level of 1.40, but the “bulls” could not hold the position. Given that till the end of the 1980s, the GBP/USD pair did not finish month below the level of 1.40, according to the GBP/USD forecast for 02/29/2016 – 03/04/2016 week, it is expected corrective rise to the area of 1.42, where new decrease is possible.
