The Pound/Dollar GBP/USD currency pair continues to move within the development of a bearish correction and a bullish channel. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2708. The moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the instrument’s fall. At the moment, we should expect an attempt to develop a decline in the British Pound against the US Dollar and a test of the support area near the 1.2650 level. From where we should again expect a rebound in the quotes of the pair upwards and a continuation of the growth of the British Pound against the US Dollar currency pair. The target for the pair’s rise, within the Forex forecast, is the area at 1.3055.
GBP/USD Forecast and Analysis for August 7, 2024
An additional signal in favor of the growth of the currency pair will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of the decline will be a rebound from the lower border of the bullish channel. The cancellation of the option for the rise of the Pound Dollar pair will be a fall and a breakout of the support area with the price fixing below the level of 1.2605. This will indicate a breakout of the support level and a continuation of the fall of the Pound Dollar pair to the area at 1.2455. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and a price close below the level of 1.2835, which will indicate a breakout of the upper border of the bearish correction channel.
GBP/USD Forecast and Analysis for August 7, 2024 suggests an attempt to test the support area near the level of 1.2650. Then, continued growth with a target near the level of 1.3055. An additional signal in favor of the rise of the British Pound will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the growth option will be the fall of the British Pound against the US Dollar and a breakout of the 1.2605 area. This will indicate a continued decline on the Forex pair with a potential target below the level of 1.2455.
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