Currency pair GBP/USD continues to be traded of Forex in the limits of formation of inverted head and shoulders pattern. There is a high potential for movement in the region at the level of 1.4230 due to a broken trend line on the relative strength indicator, which indicates on test of a similar line on the chart of the pound-dollar pair. However, we are waiting for an attempt to model the formation of the head and shoulders with a field test of the 1.3840 level, for attempts to buy the pound with a close stop. Cancellation option will break through the level 1.4030, which will indicate just the continuation of the upward movement.
Forex Forecast GBP/USD for tomorrow, March 3, 2016
Thus, the Forex forecast GBP/USD for tomorrow, March 3, 2016 assumes the field test of 1.4230 within the breached trend line, but there is the potential for the formation of the head and shoulders pattern.
