The currency pair Pound/Dollar GBP/USD ends the trading week as part of the correction development near the level of 1.2763. The moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the growth of the British Pound against the US Dollar from the current levels. At this point, we should expect an attempt to develop a decline and test the support area near the level of 1.2725. Next, an upward rebound and a continuation of the rise in Pound Dollar quotes to the area above the level of 1.3825.
GBP/USD Forecast and Analysis August 12 — 16, 2024
An additional signal in favor of the rise of the British Pound will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the upper “Triangle” model. The cancellation of the growth option for the GBP/USD pair in the current trading week of August 12 — 16, 2024 will be a drop in quotes and a breakout of the 1.2445 area. This will indicate a breakout of the support area and a continuation of the decline to the area below 1.1975. The growth of the GBP/USD currency pair will be confirmed by a breakout of the resistance area and a price close above 1.3045.
GBP/USD Forecast and Analysis August 12 — 16, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2725 area. From where we should expect continued growth of the currency pair with a target above the 1.3825 area. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the Pound Dollar pair will be a fall and a breakout of the 1.2445 level. In this case, we should expect a continuation of the decline of the pair with a potential target below the 1.1975 level.
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