Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3705 area. The pair continues to move within the framework of the correction and the formation of the ”Wedge” pattern. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the rise in the British Pound against the US Dollar at current levels. At this point, we should expect an attempt to reduce and test the support area near the level of 1.3485. Further, the rebound and the beginning of the rise in the Pound/Dollar quotes to the area above the level of 1.4275.
GBP/USD Forecast and Weekly Analysis August 30 — September 3, 2021
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 border of the bullish Wedge pattern. Cancellation of the growth option for the GBP/USD pair in the current trading week August 30 — September 3, 2021 will be a fall and a breakdown of the 1.3175 area. This will indicate a breakdown of the support area and a continued fall to the area below 1.2725. The confirmation of the rise in the GBP/USD currency will be the breakdown of the upper boundary of the ”Wedge” model and the closing of the price above the level of 1.3875.
GBP/USD Forecast and Weekly Analysis August 30 — September 3, 2021 implies an attempt to reduce and test the support level near the 1.3485 area. Where can we expect the continued growth of the currency pair with a target above the 1.4275 area. An additional signal in favor of the rise 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 1.3175. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.2725.
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