GBP/USD Forecast December 4 — 8, 2023

The Pound/Dollar GBP/USD currency pair ends the trading week as part of the development of a bullish correction. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines upward, 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 rise and test the resistance area near the level of 1.2835. Next, a rebound downwards and a continuation of the fall of Pound/Dollar quotes to the area below the level of 1.1545.

GBP/USD Forecast December 4 — 8, 2023

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 lower border of the bullish channel. Cancellation of the option for the fall of the GBP/USD pair in the current trading week of December 4 — 8, 2023 will be a strong increase in quotes and a breakdown of the 1.2985 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.3245. Confirmation of the fall of the GBP/USD currency will be a breakdown of the support area and closing of the price below the level of 1.1905, which will indicate a breakdown of the lower boundary of the bullish channel.

GBP/USD Forecast December 4 — 8, 2023 suggests an attempt to develop a bullish correction and test the resistance level near the 1.2835 area. Where can we expect the currency pair to continue to fall with a target below the 1.1545 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 fall option for the Pound/Dollar pair will be a strong growth and a breakdown of the level of 1.2985. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.3245.

Join our Telegram Channel