Currency pair Pound Dollar GBP/USD completes the trading week near the 1.3977 area. The pair continues to move within the framework of the growth and the ascending channel. Moving averages indicate a bullish trend. Prices moved up from 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. For now, we should expect an attempt to correct and test the support area near the level of 1.3535. Further, the rebound and the beginning of the rise in the Pound/Dollar quotes to the area above the level of 1.2485.
GBP/USD Forecast and Weekly Analysis February 22 — 26, 2021
An additional signal in favor of the growth of the British Pound will be a test of the trend support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the GBP/USD pair in the current trading week on February 22 — 26, 2021 will be a fall and a breakdown of the 1.3085 area. This will indicate a breakdown of an important support area and a continued fall to the area below the level of 1.2035. Confirmation of the rise in the GBP/USD currency will be the breakdown of the resistance area and the closing of prices above the level of 1.4135.
Among the important news from the UK that may have an impact on the Pound/Dollar rate, it is worth highlighting: United Kingdom Claimant Count Change, Bank of England (BoE) Governor Bailey Speech .
GBP/USD Forecast and Weekly Analysis February 22 — 26, 2021 implies an attempt to rise and test the support level near the 1.3535 area. Where can we expect the currency pair to continue to rise with a target above the 1.2485 area. 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 pair Pound/Dollar will be a fall and a breakdown of the level of 1.3085. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.2035.
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