Currency pair Pound/Dollar GBP/USD continues to move as part of the growth and the rising channel. The buyers managed to cancel the formation of the «Head and Shoulders» reversal pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.2741. Moving averages indicate a short-term bullish trend. Prices bounced off the area between the signal lines, which indicates pressure from buyers of the currency pair and a potential continuation of the asset’s growth.
At the moment, we should expect an attempt to develop a decline in the British Pound against the US Dollar and a test of the support area near the level of 1.2665. 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 July 28, 2020, is the area at the level of 1.3005.
GBP/USD Forecast Pound Dollar July 28, 2020
An additional signal in favor of the growth of the currency pair will be a test of the trend line on the relative strength index (RSI). The second signal in favor of the fall will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise the Pound/Dollar pair will fall with the closing of quotations below 1.2605. This will indicate a breakdown of the support area and the continuation of the fall of the Pound/Dollar pair to an area below 1.2445. The pair should be expected to accelerate growth with the breakdown of the resistance area and closing the price above the level of 1.2905.
GBP/USD Forecast Pound Dollar July 28, 2020 suggests an attempt to test the support area near the level of 1.2665. Then, continued growth with a target above 1.3005. 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 1.2605 area. This will indicate a continued decline in the pair with a potential target below 1.2445.
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