The Pound/Dollar GBP/USD currency pair ends the trading week as part of the development of growth and the formation of the “Triangle” pattern. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall of the British Pound against the US Dollar from current levels. At this point, we should expect an attempt to develop a decline and test the support area near the level of 1.2435. Next, a rebound upward and continued growth of Pound/Dollar quotes to the area above the level of 1.3235.
GBP/USD Forecast April 29 — May 3, 2024
An additional signal in favor of growth of 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 Triangle pattern. Cancellation of the option to raise the GBP/USD pair in the current trading week of April 29 — May 3, 2024 will be a fall in quotes and a breakdown of the 1.2015 area. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1.1735. Confirmation of the growth of the currency GBP/USD will be a breakdown of the resistance area and closing of the price above the level of 1.2905, which will indicate a breakdown of the upper boundary of the “Triangle” model and the beginning of the development of a pattern with targets above.
GBP/USD Forecast April 29 — May 3, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2435 area. Where can we expect the currency pair to continue to grow with a target above the 1.3235 area. An additional signal in favor of an increase 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 1.2015. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.1735.
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