The Pound/Dollar GBP/USD currency pair continues to move within the development of a fall and a descending channel. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.3083. 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 1.3135 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 1.2925.
GBP/USD Forecast and Analysis for October 9, 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 bearish channel. The cancellation of the option of the GBP/USD pair falling will be strong growth and a breakout of the resistance area with the price fixing above the level of 1.3195. This will indicate a breakout of the resistance level and continued growth of the GBP/USD pair to the area at the level of 1.3385. Confirmation of the pair’s fall should be expected with a breakout of the support area and the price closing below the level of 1.2965.
GBP/USD Forecast and Analysis for October 9, 2024 suggests an attempt to test the resistance area near the level of 1.3135. Then, continued decline with a target near the level of 1.2925. An additional signal in favor of the British Pound’s decline 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 1.3195 area. This will indicate a continuation of the rise on the Forex pair with a potential target above the level of 1.3385.
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