The currency pair Pound/Dollar GBP/USD ends the trading week as part of the development of a fall near the level of 1.2764. 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 1.2625. Next, a rebound upward and a continuation of the rise in Pound/Dollar quotes to the area above the level of 1.3125.
GBP/USD Forecast and Analysis July 8 — 12, 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 boundary of the Head and Shoulders reversal pattern. Cancellation of the growth option for the GBP/USD pair in the current trading week of July 8 — 12, 2024 will be a fall in quotes and a breakdown of the 1.2295 area. This will indicate a breakdown of the support area and a continuation of the decline to the area below the level of 1.1785. 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 1.2975, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” pattern and the beginning of the development of a pattern with targets above.
GBP/USD Forecast and Analysis July 8 — 12, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2625 area. Where can we expect the currency pair to continue to grow with a target above the 1.3125 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 1.2295. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.1785.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
