The currency pair British Pound to US Dollar (GBP/USD) continues to move as part of the development of a bullish correction and a bearish channel. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2125. Moving averages indicate a short-term bearish trend. Prices have broken through the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the instrument’s decline. At the moment, we should expect an attempt to develop a slight bullish correction of the British Pound against the American Dollar and a test of the resistance area near the level of 1.2165. Where can we again expect a rebound in the pair’s quotes downward and a continuation of the fall of the British Pound currency pair against the US Dollar. The target for the pair’s decline, as part of the Forex forecast for October 6, 2023, is the area at the level of 1.1945.
GBP/USD Forecast for October 6, 2023
An additional signal in favor of a fall in the currency pair will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the upper border of the bearish channel. Cancellation of the option for the fall of the Pound/Dollar pair will be a strong growth and breakdown of the resistance area with the price consolidating above the level of 1.2215. This will indicate a breakdown of the resistance level and continued growth of the Pound/Dollar pair to the area at 1.2365. Expect confirmation of the pair’s fall with a breakdown of the support area and closing of the price below the level of 1.2035.
GBP/USD Forecast for October 6, 2023 suggests an attempt to test the resistance area near the 1.2165 level. Then, continuation of the fall with a target near the level of 1.1945. An additional signal in favor of a decline in the British Pound will be a test of the resistance line on the relative strength indicator (RSI). Cancellation of the fall option will be a strong growth of the British Pound against the US Dollar and a breakdown of the 1.2215 area. This will indicate a continued rise in the Forex pair with a potential target above the level of 1.2365.
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