Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the beginning of the development of the “Wedge” reversal pattern. As you can see, the upper curtain of the pattern has been broken, in most cases there is a return to the broken border before the start of the model. At the time of the publication of the forecast, the Pound to the US Dollar exchange rate on Forex is 1.2032. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, 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 develop a fall in the price of the British Pound against the US Dollar and a test of the support area near the level of 1.1935. Where can we expect a rebound again and the continued growth of the quotes of the British Pound against the US Dollar. The target of the growth of the pair, as part of the Forex forecast for July 21, 2022, is the area at the level of 1.2605.
GBP/USD Forecast Pound Dollar July 21, 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 the decline will be a rebound from the upper boundary of the “Wedge” reversal pattern. Cancellation of the growth option for 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 1.1675. 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 1.1435. It is worth waiting for confirmation of the growth of the pair with the breakdown of the resistance area and the closing of the price above the level of 1.2105.
GBP/USD Forecast Pound Dollar July 21, 2022 suggests an attempt to test the support area near the level of 1.1935. Then, continued growth with a target near the level of 1.2605. 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 1.1675 area. This will indicate a continued decline in the Forex pair with a potential target below the level of 1.1435.
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