The currency pair Pound/Dollar GBP/USD ends the trading week as part of the development of a correction near the level of 1.2820. Moving averages indicate 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 a decline and test the support area near the level of 1.2765. Next, an upward rebound and continued rise in Pound Dollar quotes to the area above the level of 1.3565.
GBP/USD Forecast and Analysis August 5 — 9, 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 5 — 9, 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 the level of 1.1975. Confirmation of the growth of the GBP / USD currency pair will be a breakout of the resistance area and the price closing above the level of 1.3045. There is no important news from the UK that could affect the Pound Dollar rate, so the pair will continue to move within the technical analysis.
GBP/USD Forecast and Analysis August 5 — 9, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2765 area. From where we should expect the currency pair to continue growing with a target above the 1.3565 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 1.2445 level. In this case, we should expect the pair to continue to decline with a potential target below the 1.1975 level.
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