Currency pair Pound/Dollar GBP/USD continues to move as part of the fall and the downward channel. However, already now there are risks of the formation of a “Head and Shoulders” reversal pattern. At the time of the publication of the forecast, the Pound to the US Dollar exchange rate on Forex is 1.3428. 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 fall in the price of the British Pound against the US Dollar and test the support area near the level of 1.3325. Where can we expect a rebound again and the continued growth of the quotes of the British Pound against the US Dollar. The purpose of the rise of the pair, as part of the Forex forecast for January 28, 2022, is the area at the level of 1.3625.
GBP/USD Forecast Pound Dollar January 28, 2022
An additional signal in favor of the growth of the currency pair will be a test of the support line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the lower boundary of the “Head and Shoulders” reversal pattern. Cancellation of the option to raise the Pound/Dollar pair will be the fall of the pair and the breakdown of the support area with the price fixing below the level of 1.3165. This will indicate a breakdown of the lower boundary of the reversal pattern and the continued fall of the Pound/Dollar pair to the area at the level of 1.2925. It is worth waiting for confirmation of the rise of the pair with the breakdown of the upper border of the descending channel and the closing of the price above the level of 1.3530.
GBP/USD Forecast Pound Dollar January 28, 2022 suggests an attempt to test the support area near the level of 1.3325. Then, continued growth with the target above the level of 1.3625. 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 1.3165 area. This will indicate a continuation of the fall of the pair with a potential target below the level of 1.2925.
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