The currency pair Pound/Dollar GBP/USD ends the trading week within the framework of the development of strong growth near the level of 1.2898. 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 growth and a test of the resistance area near the level of 1.2955. Next, a rebound downwards and a continuation of the fall of the Pound Dollar quotes to the area below the level of 1.2505.
GBP/USD Forecast and Analysis August 19 — 23, 2024
An additional signal in favor of the decline of the British Pound will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the upper model of the reversal model “Head and Shoulders”. The cancellation of the option of a decline in the GBP/USD pair in the current trading week of August 19 — 23, 2024 will be a strong growth in quotes and a breakout of the area of 1.3025. This will indicate a breakout of the resistance area and continued growth to the area above 1.3365. Confirmation of the fall of the GBP/USD currency pair will be a breakout of the support area and closing of the price below 1.2625, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the pattern with targets below.
GBP/USD Forecast and Analysis August 19 — 23, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 1.2955 area. Where should we expect the continuation of the fall of the currency pair with a target below the 1.2505 area. An additional signal in favor of the decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall option for the Pound Dollar pair will be strong growth and a breakout of the 1.3025 level. In this case, we should expect the pair to continue to rise with a potential target above 1.3365.
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