Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and the beginning of development and the “Double Bottom” reversal pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3937. Moving averages indicate a short-term bearish trend. However, prices broke through the area between the signal lines upward, which indicates pressure from buyers of the currency pair and a potential continuation of the instrument’s growth. At the moment, we should expect an attempt of a downward correction of the British Pound against the US Dollar and a test of the resistance area near the level of 1.3845. Where again can we expect a rebound and continued growth in quotations of the British Pound against the US Dollar. The target of the bullish movement of the pair, in the framework of the Forex forecast for April 20, 2021, is the area at the level of 1.4225.
GBP/USD Forecast Pound Dollar April 20, 2021
An additional signal in favor of raising the currency pair will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the upper border of the descending channel. Cancellation of the option to raise the Pound/Dollar pair will be a decline with a breakdown of the support area with prices fixing below 1.3605. This will indicate a breakdown of the support area and the continuation of the fall of the Pound/Dollar pair to an area below 1.3425. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and the closing of prices above the level of 1.3995, which will indicate a breakdown of the upper border of the “Double Bottom” pattern.
Among the important news from the UK, which may have an impact on the GBP/USD pair, it is worth highlighting: United Kingdom Claimant Count Change.
GBP/USD Forecast Pound Dollar April 20, 2021 suggests an attempt to test the support area near the level of 1.3845. Then, continued growth with a target above the level of 1.4225. An additional signal in favor of a rise in the British Pound will be a test of the resistance line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.3605 area. This will indicate a continued decline in the pair with a potential target below 1.3425.
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