Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the upward channel. At the time of the publication of the forecast, the Pound to US Dollar rate on Forex is 1.3947. Moving averages indicate a short-term bullish trend. Prices are testing the area between the signal lines, which indicates pressure from buyers of the currency pair and the potential continued growth of the instrument. At the moment, we should expect an attempt of a downward correction of the British Pound against the US Dollar and a test of the resistance area near the level of 1.3865. Where again can we expect a rebound and continued growth in quotations of the British Pound against the US Dollar. The target of the downward movement of the currency pair, in the Forex forecast for March 12, 2021, is the area at the level of 1.4250.
GBP/USD Forecast Pound Dollar March 12, 2021
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 rise will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Pound/Dollar pair will be a fall with a breakdown of the support area with prices fixing below 1.3975. This will indicate a breakdown of the support area and the continuation of the fall of the Pound/Dollar pair to the area below the level of 1.3605. It is worth waiting for confirmation of the rise in the pair with the breakdown of the resistance area and closing of prices above the level of 1.4055.
Among the important news from the UK that may have an impact on the GBP/USD pair, it is worth highlighting: United Kingdom Manufacturing Production m/m, United Kingdom Gross Domestic Product (GDP) m/m, United Kingdom Gross Domestic Product (GDP) 3m/3m.
GBP/USD Forecast Pound Dollar March 12, 2021 suggests an attempt to test the support area near the level of 1.3865. Then, continued growth with a target above the level of 1.4250. 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 1.3975 area. This will indicate a continued decline in the pair with a potential target below 1.3605.
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