The currency pair Pound/Dollar GBP/USD ends the trading week within the framework of growth development near the level of 1.3131. 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 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 1.2985. Next, an upward rebound and continuation of the growth of Pound Dollar quotes to the area above the level of 1.3645.
GBP/USD Forecast and Analysis August 26 — 30, 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 border of the descending correction channel. The cancellation of the option of the rise of the GBP/USD pair in the current trading week of August 26 — 30, 2024 will be a drop in quotes and a breakout of the 1.2825 area. This will indicate a breakout of the support area and a continuation of the fall to the area below 1.2645. The growth of the GBP/USD currency pair will be confirmed by a breakout of the resistance area and a price close above 1.3225, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
GBP/USD Forecast and Analysis August 26 — 30, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2985 area. Where should we expect continued growth of the currency pair with a target above the 1.3645 area. An additional signal in favor of growth 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 1.2825 level. In this case, we should expect the pair to continue to decline with a potential target below 1.2645.
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