Currency pair Pound/Dollar GBP/USD continues to move as part of the fall and the formation of another bearish “Wolfe Wave” pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.38309. Moving averages indicate a short-term bullish trend. Prices went up from the area between the signal lines, which indicates pressure from buyers of the currency pair and the potential continued growth of the instrument. At the moment, we should expect an attempt to raise the British Pound against the US Dollar and test the resistance area near the level of 1.3865. Where again can we expect a rebound and a continuation of the fall in quotations of the British Pound against the US Dollar. The target of the downward movement of the currency pair, in the framework of the Forex forecast for February 12, 2021, is the area at the level of 1.3565.
GBP/USD Forecast Pound Dollar February 12, 2021
An additional signal in favor of reducing the currency pair will be a test of the broken trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the upper boundary of the “Wolfe Wave” model. Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth with a breakdown of the resistance area with prices fixing above the level of 1.3925. 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 1.4135. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing prices below 1.3745.
Among the important news from the UK that may have an impact on the GBP/USD pair, it is worth highlighting: United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) q/q, United Kingdom Gross Domestic Product (GDP) m/m, United Kingdom Gross Domestic Product (GDP) 3m/3m.
GBP/USD Forecast Pound Dollar February 12, 2021 suggests an attempt to test the resistance area near the level of 1.3865. Then, the continuation of the fall with the target below 1.3565. 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 1.3925 area. This will indicate a continued rise in the pair with a potential target above the level of 1.4135.
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