Currency pair Pound/Dollar GBP/USD continues to move as part of the development of bull correction and the descending channel. At the time of publication of the forecast, the pound for the US dollar on Forex is 1.2322. Sliding average indicate the presence of a short -term bull tendency. Prices broke the area between the signal lines up, which indicates pressure from the buyers of the currency pair and the potential continuation of the growth of the tool. At the moment, it is worth expecting an attempt to develop a growth rate of the British pound against the American dollar and the resistance area near the level of 1.2375. Where again it is worth expecting a rebound down and the continuation of the fall of the quotes of the currency pair of the British pound against the US dollar. The purpose of reducing the pair, within the framework of Forex forecasts on March 31, 2023, is the region at 1.1875.
GBP/USD Forecast March 31, 2023
An additional signal in favor of the fall of the currency pair will be the test of the resistance line on the relative force indicator (RSI). The second signal in favor of the decrease will be the rebound from the upper boundary of the descending channel. The cancellation of the option of falling a pair of a pound dollar will be a strong growth and breakdown of the resistance area with a price consolidation of 1.2585. This will indicate a breakdown of the resistance area and the continuation of the growth of a pair of pound dollar in the area at 1.2805. It is worth expecting confirmation of the fall of the couple with the breakdown of the support area and the closing of the price under the level of 1.2235, which will indicate a breakdown of the lower boundary of the bull channel of correction.
GBP/USD Forecast March 31, 2023 involves an attempt to test the resistance area near the level of 1.2375. Then, the continuation of the fall in order to near the level 1.1875. An additional signal in favor of reducing the British pound will be the test of the resistance line on the relative force indicator (RSI). The cancellation of the fall option will be a strong growth of pounds against the US dollar and a breakdown of the region 1.2585. This will indicate a continuation of the rise to Forex pairs with a potential goal above the level of 1.2805.
