The currency pair Pound/Dollar GBP/USD ends the trading week within the development of a correction and an ascending channel near the level of 1.3132. The moving averages indicate the presence of 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 1.2985. Next, an upward rebound and continued growth of Pound Dollar quotes to the area above the level of 1.3645.
GBP/USD Forecast and Analysis September 2 — 6, 2024
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. The second signal will be a rebound from the upper border of the descending correction channel. The cancellation of the option of rising GBP/USD in the current trading week of September 2 — 6, 2024 will be a drop in quotes and a breakout of the area of 1.2795. This will indicate a breakout of the support area and a continuation of the fall to the area below 1.2535. The growth of the GBP/USD currency pair will be confirmed by a breakout of the resistance area and a price close above 1.3335, which will indicate a breakout of the upper border of the bullish channel, and this is a signal for growth by the width of the channel.
GBP/USD Forecast and Analysis September 2 — 6, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2985 area. From where we should expect continued growth of the currency pair with a target above the 1.3645 area. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the Pound Dollar pair will be a fall and a breakout of the 1.2795 level. In this case, we should expect a continuation of the decline of the pair with a potential target below the 1.2535 level.
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