Currency pair Pound Dollar GBP/USD ends the trading week near the 1.3613 area. The pair continues to move within the correction and the downward channel. Prices have broken down the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall in the British Pound against the US Dollar at current levels. At this point, we should expect an attempt to rise and test the resistance area near the level of 1.3775. Further, a rebound down and the beginning of a fall in the Pound/Dollar quotes to the area below the level of 1.3025.
GBP/USD Forecast and Weekly Analysis October 11 — 15, 2021
An additional signal in favor of a decline in the British Pound will be a test of the resistance line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to drop the GBP/USD pair in the current trading week October 11 — 15, 2021 will be a strong growth and a breakdown of the 1.4005 area. This will indicate a breakdown of the resistance area and a continued rise to the area above the level of 1.4525. Confirmation of the fall in the GBP/USD currency will be the breakdown of the lower border of the bearish channel and the closing of the price below 1.3195.
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, United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) m/m.
GBP/USD Forecast and Weekly Analysis October 11 — 15, 2021 suggests an attempt to rise and test the resistance level near the 1.3775 area. Where can we expect the currency pair to continue falling with a target below the 1.3025 area. An additional signal in favor of the fall will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth and a breakdown of the level of 1.4005. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.4525.
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