Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and the formation of the “Wedge” reversal pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3605. Moving averages indicate a short-term bullish trend. Prices have broken the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt to raise the price of the British Pound against the US Dollar and test the resistance area near the level of 1.3635. Where can we expect a rebound down again and a continuation of the fall in quotations of the British Pound against the US Dollar. The target of reducing the pair, in the framework of the FOREX forecast for January 12, 2022, is the area at the level of 1.3265.
GBP/USD Forecast Pound Dollar January 12, 2022
An additional signal in favor of the fall of the currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the upper border of the Wedge reversal pattern. Cancellation of the option to reduce the pair Pound/Dollar will be a strong growth and a breakdown of the resistance area with the price fixing above the level of 1.3695. This will indicate a breakdown of the upper border of the bullish correction channel and continued growth of the Pound/Dollar pair to the area at 1.3845. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of the price below the level of 1.3485, which will indicate a breakdown of the lower border of the “Wedge” reversal pattern.
GBP/USD Forecast Pound Dollar January 12, 2022 suggests an attempt to test the resistance area near the level of 1.3635. Then, the continuation of the fall with the target below 1.3265. 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 reduction option will be a strong growth and a breakdown of the 1.3695 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3845.
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