Currency pair Pound/Dollar GBP/USD continues to move within the correction and the downward channel, there is a potential for the formation of the ”Triangle” pattern. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3958. Moving averages indicate a short-term bearish trend. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the currency pair and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt at a bullish correction of the British Pound against the US Dollar and a test of the resistance area near the level of 1.3995. Where again can we expect a rebound and a continuation of the fall 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 5, 2021, is the area at the level of 1.3705.
GBP/USD Forecast Pound Dollar March 5, 2021
An additional signal in favor of the fall of the currency pair will be a test of the downward trend 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 ”Triangle” pattern. Cancellation of the option to drop the Pound/Dollar pair will be a strong growth with a breakdown of the resistance area with prices fixing above the level of 1.4085. This will indicate a breakdown of the resistance area and a continued rise in the Pound/Dollar pair to an area above the level of 1.4275. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of prices below the level of 1.3845, which will indicate a breakdown of the lower boundary of the ”Triangle” model.
GBP/USD Forecast Pound Dollar March 5, 2021 suggests an attempt to test the resistance area near the level of 1.3995. Then, the continuation of the fall with the target below 1.3705. 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 fall option will be a strong growth and a breakdown of the 1.4085 area. This will indicate a continued rise in the pair with a potential target above the level of 1.4275.
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