The currency pair British Pound to US Dollar (GBP/USD) continues to move as part of the development of the fall and the downward channel. At the time of the publication of the forecast, the Pound to the US Dollar exchange rate on Forex is 1.2586. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines up, which indicates pressure from sellers of the currency pair and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to develop a bullish correction of the British Pound against the US Dollar and a test of the resistance area near the level of 1.2635. Where can we expect a rebound of the pair’s quotes again and the continuation of the fall of the British Pound against the US Dollar. The target for the pair’s decline, as part of the Forex forecast for August 29, 2023, is the area at the level of 1.2385.
GBP/USD Forecast for August 29, 2023
An additional signal in favor of the fall of the currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the decline will be a rebound from the upper border of the bearish channel. Cancellation of the fall option for the Pound/Dollar pair will be a strong growth and a breakdown of the resistance area with the price fixing above the level of 1.2715. This will indicate a breakdown of the resistance level and continued growth of the Pound/Dollar pair to the area at the level of 1.2895. It is worth waiting for confirmation of the pair’s growth with the breakdown of the resistance area and the closing of the price under the level of 1.2485, which will indicate the breakdown of the lower border of the bearish channel.
GBP/USD Forecast for August 29, 2023 suggests an attempt to test the resistance area near the level of 1.2635. Then, the continuation of the fall with the target near the level of 1.2385. An additional signal in favor of the decline of the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth of the British Pound against the US Dollar and a breakdown of the 1.2715 area. This will indicate a continued rise in the Forex pair with a potential target above the level of 1.2895.
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