The currency pair British Pound Dollar (GBP/USD) continues to move within the framework of a correction and a bullish channel. At the time of this forecast, the exchange rate of the British Pound to the US Dollar in Forex stands at 1.2796. Moving averages indicate the presence of a short-term bullish trend. Prices have broken above the area between the signal lines, indicating buying pressure on the currency pair and the potential continuation of the instrument’s growth. Currently, we can expect an attempt to develop a correction in the exchange rate of the British Pound against the US Dollar and a test of the support area near the 1.2745 level. From there, we can anticipate a bounce upwards and a continuation of the upward movement in the quotes of the British Pound against the US Dollar. The target for the pair’s rise, in the Forex forecast for June 21, 2023, is the area around the 1.3015 level.
GBP/USD Forecast for June 21, 2023
An additional signal in favor of the currency pair’s growth would be a test of the support line on the Relative Strength Index (RSI) indicator. A second signal in favor of a decline would be a bounce off the lower boundary of the bullish channel. The scenario of the British Pound Dollar pair’s rise would be invalidated by a decline and a breakthrough of the support area, with the price closing below the 1.2675 level. This would indicate a breakout of the support area and a continuation of the pair’s decline towards the 1.2405 level. We should expect confirmation of the pair’s rise with a breakthrough of the resistance area and a price close above the 1.2885 level.
GBP/USD Forecast for June 21, 2023 suggests an attempt to test the support area near the 1.2745 level, followed by a continuation of the rise towards the area near the 1.3015 level. An additional signal in favor of the rise of the British Pound would be a test of the support line on the Relative Strength Index (RSI) indicator. The scenario of the rise would be invalidated by a decline in the British Pound against the US Dollar and a breakthrough of the 1.2675 area. This would indicate a continuation of the pair’s decline on Forex with a potential target below the 1.2405 level.
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