Currency pair Pound Dollar GBP/USD completes the trading week near the area of 1.3034. The pair continues to move as part of the correction and the upward channel. Moving averages indicate a bullish trend. Prices pushed from the area between the signal lines, indicating pressure from buyers and a potential upward rebound. At this, we should expect an attempt to develop a downward correction and test the support area near the level of 1.2925. Further, the rebound and the beginning of the growth of the Pound/Dollar quotes to the area above the level of 1.4075.
GBP/USD Forecast and Analysis March 9 — 13, 2020
An additional signal in favor of the growth of the British Pound will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the ascending channel. Cancellation of the growth option for the GBP/USD pair in the current trading week March 9 — 13, 2020 will be a fall and a breakdown of the 1.2655 area. This will indicate a breakdown of the support area and continued decline to the area below the level of 1.2105. A confirmation of the growth of the GBP/USD currency will be a breakdown of the resistance area and closing prices above the level of 1.3105.
Among the important news from the UK, which may affect the Pound/Dollar exchange rate, it is worth highlighting: United Kingdom Gross Domestic Product (GDP) m/m, United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) 3m/3m.
GBP/USD Forecast and Analysis March 9 — 13, 2020 suggests an attempt to test the support level near the 1.2925 area. Where can we expect continued growth of the pair with a target above the area of 1.4075. An additional signal in favor of growth will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise the Pound/Dollar pair will be a fall and a breakdown of the level of 1.2655. In this case, we should expect continued decline in the pair with a potential target below 1.2105.
