The Pound/Dollar GBP/USD currency pair continues to move as part of the development of a correction and a bearish channel. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2591. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and potential continued growth of the instrument. At the moment, we should expect an attempt to develop a depreciation of the British Pound against the American Dollar and a test of the support area near the level of 1.2525. Where can we again expect a rebound in the pair’s quotes upward and continued growth of the British Pound currency pair against the US Dollar. The target for the pair’s rise, as part of the Forex forecast, is the area at the level of 1.2795.
GBP/USD Forecast for May 17, 2024
An additional signal in favor of growth of the currency pair will be a test of the support 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. Cancellation of the option to raise the Pound/Dollar pair will be a fall and a breakdown of the support area with the price consolidating below the level of 1.2475. This will indicate a breakdown of the support level and a continuation of the fall of the Pound/Dollar pair to the area at 1.2265. Expect confirmation of the pair’s growth with a breakdown of the resistance area and closing of the price above the level of 1.2715, which will indicate a breakdown of the upper boundary of the downward channel.
GBP/USD Forecast for May 17, 2024 suggests an attempt to test the support area near the level of 1.2525. Then, continued growth with a target near the level of 1.2795. An additional signal in favor of a rise in the British Pound will be a test of the support line on the relative strength indicator (RSI). Cancellation of the growth option will be a fall of the British Pound against the US Dollar and a breakdown of the 1.2475 area. This will indicate a continued decline in the Forex pair with a potential target below the level of 1.2265.
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