The Pound/Dollar GBP/USD currency pair continues to move within the framework of the development of a bearish correction and the formation of the “Wedge” model. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.3122. Moving averages indicate the presence of a short-term bullish trend. Prices broke through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the instrument’s growth. At the moment, we should expect an attempt to develop a correction in the British Pound against the US Dollar and a test of the support area near the 1.3045 level. Where should we expect the pair quotes to bounce back upwards and the start of 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 1.3435.
GBP/USD Forecast and Analysis for September 4, 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 rise will be a rebound from the lower border of the “Wedge” reversal pattern. The cancellation of the growth option for the Pound Dollar pair will be a fall and a breakout of the support area with the price fixing below 1.2975. This will indicate a breakout of the support level and a continuation of the fall of the Pound Dollar pair to the area at 1.2765. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and the price closing above 1.3165, which will indicate a breakout of the upper border of the “Wedge” pattern and the beginning of the pattern with targets at the top.
GBP/USD Forecast and Analysis for September 4, 2024 suggests an attempt to test the support area near the level of 1.3045. Then, continued growth with a target near the level of 1.3435. 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 (RSI). The cancellation of the growth option will be the fall of the British Pound against the US Dollar and a breakout of the 1.2975 area. This will indicate a continuation of the decline on the Forex pair with a potential target below the level of 1.2745.
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