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 1.2711. 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 exchange rate and a test of the support area near the level of 1.2665. From where we should again expect a rebound in the pair’s quotes upwards and continued 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 the level of 1.3045.
GBP/USD Forecast and Analysis for August 8, 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 a decline will be a rebound from the lower border of the bullish channel. The GBP/USD pair’s growth option will be cancelled if it falls and breaks through the support area with the price fixing below 1.2595. This will indicate a breakout of the support level and a continuation of the GBP/USD pair’s fall to the area at 1.2465. The pair’s growth will be confirmed with a breakout of the resistance area and a price close below 1.2815, which will indicate a breakout of the upper border of the bearish correction channel.
GBP/USD Forecast and Analysis for August 8, 2024 suggests an attempt to test the support area near 1.2665. Then, continued growth with a target near 1.3045. An additional signal in favor of the British Pound’s rise will be a test of the resistance line on the relative strength indicator (RSI). The growth option will be cancelled if the British Pound against the US Dollar falls and breaks through the 1.2595 area. This will indicate a continuation of the decline on the Forex pair with a potential target below the level of 1.2465.
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