The general weakening of the dollar on the whole market let the pound sterling update the local maxima of the growth up to the 1.4664 level once again.
The results of the last Federal Reserve meeting have a pressure on the US dollar. The regulator has kept interest rates unchanged and has not informed about the further actions within the monetary policy, which again created uncertainty on the Forex market.
GBP/USD technical analysis and forecast for 05/02/2016 – 05/06/2016 week
The GBP / USD currency pair was being traded all week long above the upper limit of the downward channel, which shows that “bulls” are about to keep growing. However, the RSI indicator is in the resistance zone, which means a downward correction. Expected a decline of quotations toward 1.4400. according to the GBP / USD forecast.
Trading within a reversal pattern “head and shoulders” also considers a correction of the GBP / USD pair before the new upward impulse get started.
