The Pound/Dollar GBP/USD currency pair continues to move within the framework of the decline development and the formation of the “Head and Shoulders” reversal model. At the time of the forecast publication, the Pound to US Dollar exchange rate on Forex is 1.3072. 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 the growth of the British Pound against the US Dollar and a test of the resistance area near the 1.3280 level. From where we should again expect a rebound in the pair’s quotes downwards and a fall in the British Pound against the US Dollar currency pair. The target for the pair’s decline, within the Forex forecast, is the area at the level of 1.2805.
GBP/USD Forecast and Analysis for October 11, 2024
An additional signal in favor of the fall of the currency pair will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of the decline will be a rebound from the upper border of the reversal pattern “Head and Shoulders”. The cancellation of the option of the GBP/USD pair’s decline will be a strong growth and a breakout of the resistance area with the price fixing above the level of 1.3435. This will indicate a breakout of the resistance level and continued growth of the GBP/USD pair to the area at the level of 1.3675. Confirmation of the pair’s decline should be expected with a breakout of the support area and the price closing below the level of 1.2945, which will indicate a breakout of the lower border of the reversal pattern “Head and Shoulders” and the beginning of the pattern’s development with targets below.
GBP/USD Forecast and Analysis for October 11, 2024 suggests an attempt to test the resistance area near the level of 1.3280. Then, a continuation of the fall with a target near the level of 1.2805. An additional signal in favor of the decline of the British Pound will be a test of the support line on the relative strength indicator (RSI). The cancellation of the fall option will be a strong growth of the British Pound against the US Dollar and a breakout of the 1.3435 area. This will indicate a continuation of the rise on the Forex pair with a potential target above the level of 1.3675.
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