Currency pair Pound/Dollar GBP/USD continues to move within the correction and the bullish channel. At the time of the publication of the forecast, the Pound to the US Dollar exchange rate on Forex is 1.3512. Moving averages indicate the presence of a short-term bullish trend. Prices have broken through the area between the signal lines down, which indicates pressure from sellers of the currency pair and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to reduce the price of the British Pound against the US Dollar and test the support area near the level of 1.3460. Where can we expect a rebound again and the continuation of the rise in the quotes of the British Pound against the US Dollar. The growth target of the pair, as part of the Forex forecast for February 8, 2022, is the area at the level of 1.3645.
GBP/USD Forecast Pound Dollar February 8, 2022
An additional signal in favor of the rise of 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 of the lower border of the bullish channel, as well as from the “Wedge” model. Cancellation of the option to raise the pair Pound/Dollar will be the fall of the pair and the breakdown of the support area with the price fixing below the level of 1.3425. This will indicate a breakdown of the lower border of the bullish channel and the continuation of the fall of the Pound/Dollar pair to the area at the level of 1.3275. It is worth waiting for confirmation of the rise of the pair with the breakdown of the resistance area and the closing of the price above the level of 1.3555, which will indicate the beginning of the development of the “Wedge” model.
GBP/USD Forecast Pound Dollar February 8, 2022 suggests an attempt to test the support area near the level of 1.3460. Then, continued growth with the target near the level of 1.3645. An additional signal in favor of the rise of the British Pound will be a test of the support line on the relative strength index (RSI). Cancellation of the growth option will be the fall of the Pound against the US Dollar and the breakdown of the 1.3275 area. This will indicate a continued decline in the pair with a potential target below the level of 1.3555.
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