The currency pair Pound/Dollar GBP/USD is finishing the trading week as part of the decline development and has left the “Wedge” reversal pattern near the level of 1.3165. The moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and a potential continuation of the growth of the British Pound against the US Dollar from the current levels. At this point, we should expect an attempt to develop growth and a test of the resistance area near the level of 1.3275. Next, a downward rebound and a continuation of the fall of the Pound Dollar quotes to the area below the level of 1.2805.
GBP/USD Forecast and Analysis October 7 — 11, 2024
An additional signal in favor of the decline of the British Pound will be a test of the resistance line on the relative strength indicator. The second signal will be a rebound from the lower border of the “Wedge” reversal pattern. The cancellation of the option of a decline in the GBP/USD pair in the current trading week of October 7 — 11, 2024 will be a strong increase in quotes and a breakout of the 1.3565 area. This will indicate a breakout of the resistance area and a continuation of the rise to the area above 1.3835. The fall of the GBP/USD currency pair will be confirmed by a breakout of the support area and a price close below 1.3005, which will indicate a breakout of the lower border of the Head and Shoulders pattern and the beginning of the pattern with targets below.
GBP/USD Forecast and Analysis October 7 — 11, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 1.3275 area. From where we should expect a continuation of the fall of the currency pair with a target below the 1.2805 area. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. A strong growth and a breakout of the 1.3565 level will cancel the option of a fall in the Pound Dollar pair. In this case, we should expect a continuation of the rise of the pair with a potential target above the level of 1.3835.
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