Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3098 area. The pair continues to move within the framework of growth. Moving averages indicate the presence of a bearish trend, however, prices have broken the areas between the signal lines upwards, indicating pressure from buyers and a potential continuation of the rise in the British Pound against the US Dollar at current levels. At this point, we should expect an attempt to continue the development of growth and test the resistance area near the level of 1.3075. Further, the rebound and the beginning of the fall in the Pound/Dollar quotes to the area below the level of 1.2025.
GBP/USD Forecast and Analysis August 10 — 14, 2020
An additional signal in favor of the fall of the British Pound will be a test of the trend resistance line on the relative strength index (RSI). The second signal will be a breakdown of the lower border of the ascending channel. Cancellation of the option to drop the GBP/USD pair in the current trading week August 10 — 14, 2020 will be a strong growth and a breakdown of the 1.3455 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.4525. Confirmation of the fall in the GBP/USD currency will be a breakdown of the support area and closing prices below 1.2505, this will indicate a breakdown of the lower boundary of the ascending channel.
Among the important news from the UK that may have an impact on the Pound/Dollar rate, it is worth highlighting: United Kingdom Claimant Count Change, United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) q/q, United Kingdom Gross Domestic Product (GDP) 3m /3m.
GBP/USD Forecast and Analysis August 10 — 14, 2020 implies an attempt to test the resistance level near the 1.3075 area. Where can we expect the pair to continue falling with a target below the 1.2025 area. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair Pound / Dollar will be a strong growth and a breakdown of the level of 1.3455. In this case, we should expect the pair to continue to grow with a potential target above the level of 1.4525.
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