Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and the rising channel. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.4083. 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 correct the British Pound against the US Dollar and test the support area near the level of 1.3965. Where again can we expect a rebound and continued growth in quotations of the British Pound against the US Dollar. The target of the upward movement of the currency pair, in the Forex forecast for February 24, 2021, is the area at the level of 1.4325.
GBP/USD Forecast Pound Dollar February 24, 2021
An additional signal in favor of raising the currency pair will be a test of the rising trend line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the ascending channel. Cancellation of the growth option for the Pound/Dollar pair will be a fall with a breakdown of the support area with prices fixing below 1.3865. This will indicate a breakdown of the support area and a continued decline in the Pound/Dollar pair to an area below 1.3575. It is worth waiting for confirmation of a rise in the pair with a breakdown of the resistance area and closing prices above the level of 1.4145.
Among the important news from the UK that may affect the rate of the GBP/USD pair, it is worth highlighting: Bank of England (BoE) Governor Bailey Speech.
GBP/USD Forecast Pound Dollar February 24, 2021 suggests an attempt to test the support area near the level of 1.3965. Then, continued growth with a target above 1.4325. An additional signal in favor of a rise in the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 1.3865 area. This will indicate a continued decline in the pair with a potential target below 1.3575.
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