Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the formation of the downward pattern ”Wolfe Wave”. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3855. Moving averages indicate a short-term bearish trend. 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 to correct the British Pound against the US Dollar and test the resistance area near the level of 1.4030. Where can we expect a rebound again and a continuation of the fall in quotations of the British Pound against the US Dollar. The target of the fall of the pair, in the framework of the Forex forecast for August 11, 2021, is the area at the level of 1.3705.
GBP/USD Forecast Pound Dollar August 11, 2021
An additional signal in favor of reducing 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 ”Wolfe Wave” pattern. Cancellation of the option to drop the Pound/Dollar pair will be a strong growth with a breakdown of the resistance area with the price fixing above the level of 1.4175. This will indicate a breakdown of the resistance area and a continued rise in the Pound/Dollar pair to an area above the level of 1.4385. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing the price below 1.3805.
GBP/USD Forecast Pound Dollar August 11, 2021 implies an attempt to test the resistance area near the level of 1.4030. Then, the continuation of the fall with the target below 1.3705. An additional signal in favor of a decline in 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 and a breakdown of the 1.4175 area. This will indicate a continued rise in the pair with a potential target above the level of 1.4385.
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