The currency pair Pound/Dollar GBP/USD ends the trading week as part of the development of strong growth near the level of 1.2959. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, which indicates pressure from buyers and a potential continuation of the growth of the British Pound against the US Dollar from current levels. At this point, we should expect an attempt to develop a decline and test the support area near the level of 1.2765. Next, a rebound upward and a continuation of the rise in Pound/Dollar quotes to the area above the level of 1.3365.
GBP/USD Forecast and Analysis July 15 — 19, 2024
An additional signal in favor of a rise in the British Pound will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower bullish channel. Cancellation of the growth option for the GBP/USD pair in the current trading week of July 15 — 19, 2024 will be a fall in quotes and a breakdown of the 1.2615 area. This will indicate a breakdown of the support area and a continuation of the decline to the area below the level of 1.2245. Confirmation of the growth of the currency GBP/USD will be a breakdown of the resistance area and closing of the price above the level of 1.3205, which will indicate a breakdown of the upper boundary of the bullish channel, and this is a signal for growth by the width of the channel.
GBP/USD Forecast and Analysis July 15 — 19, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2765 area. Where can we expect the currency pair to continue to grow with a target above the 1.3365 area. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the Pound/Dollar pair will be a fall and a breakdown of the level of 1.2615. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.2245.
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