Currency pair Pound Dollar GBP/USD completes the trading week as part of the development of a strong bullish correction near the area of 1.2238. The pair continues to move within the bullish channel. Moving averages indicate a bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from sellers and a potential continuation of the fall of the British Pound against the US Dollar already from current levels. At this point, we should expect an attempt to develop a correction and test the support area near the level of 1.1845. Further, a rebound upwards and continued growth of the Pound Dollar quotes to the area above the level of 1.3355.
GBP/USD Forecast December 12 — 16, 2022
An additional signal in favor of the rise 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 upper border of the descending channel, which was broken by buyers at the top. Cancellation of the growth option for the GBP/USD pair in the current trading week December 12 — 16, 2022 will be a fall and a breakdown of the 1.1335 area. This will indicate a breakdown of the support area and a continuation of the fall to the area below the level of 1.1005. The growth of the GBP/USD currency will be confirmed by a breakdown of the resistance area and closing of the price above the level of 1.2395.
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 Claimant Count Change, Bank of England (BoE) Interest Rate Decision, United Kingdom Retail Sales m/m.
GBP/USD Forecast December 12 — 16, 2022 suggests an attempt to rise and test the support level near the 1.1845 area. Where should we expect the currency pair to continue to grow with a target above the area of 1.3355. An additional signal in favor of the rise will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the option to raise the Pound/Dollar pair will be a fall and a breakdown of the level of 1.1335. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.1005.
Looking for the Best Forex Broker? We trade at RoboForex. You can receive a rebates from each trade when registering using our partner link
