Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3753 area. The pair continues to move as part of the fall and the formation of the “Double Top” reversal pattern. Moving averages indicate a bullish trend. Prices are 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 grow and test the resistance area near the level of 1.3905. Further, the rebound and the beginning of the fall in the Pound/Dollar quotes to the area below the level of 1.2455.
GBP/USD Forecast and Weekly Analysis July 5 — 9, 2021
An additional signal in favor of the fall of the British Pound will be a test of the trend resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish ”Double Top” pattern. Cancellation of the option to drop the GBP/USD pair in the current trading week July 5 — 9, 2021 will be a strong growth and a breakdown of the 1.4465 area. This will indicate a breakdown of an important resistance area and a continued rise to the area above the level of 1.5005. Confirmation of the fall in the GBP/USD currency will be the breakdown of the support area and the closing of the price below 1.3475, which will indicate a breakdown of the lower border of the “Triangle” model.
Among the important news from the UK that may have an impact on the Pound/Dollar rate, it is worth highlighting: United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) m/m, United Kingdom Gross Domestic Product (GDP) 3m/3m.
GBP/USD Forecast and Weekly Analysis July 5 — 9, 2021 suggests an attempt to rise and test the resistance level near the 1.3905 area. Where can we expect the currency pair to continue falling with a target below the 1.2455 area. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to drop the pair Pound/Dollar will be a strong growth and a breakdown of the level of 1.4465. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.5005.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
