Currency pair Pound Dollar GBP/USD ends the trading week with a strong fall near the area of 1.1785. The pair continues to move as part of the development of a strong fall and a downward channel. Moving averages indicate a bearish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers and a potential continuation of the fall of the British Pound against the US Dollar at current levels. At this point, we should expect an attempt to develop a bullish correction and test the resistance area near the level of 1.2085. Further, a rebound down and the continuation of the fall of the Pound Dollar quotes to the area below the level of 1.0905.
GBP/USD Weekly Forecast August 29 — September 2, 2022
An additional signal in favor of the fall of the British Pound will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the GBP/USD pair in the current trading week August 29 — September 2, 2022 will be a strong growth and a breakdown of the 1.2665 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.2985. The fall of the GBP/USD currency will be confirmed by a breakdown of the support area and closing of the price below the level of 1.1575.
GBP/USD Weekly Forecast August 29 — September 2, 2022 suggests an attempt to rise and test the resistance level near the area of 1.2085. Where should we expect the currency pair to continue falling with a target above the 1.0905 area. An additional signal in favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option for the Pound/Dollar pair will be a strong growth and a breakdown of the level of 1.2665. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.2985.
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