Currency pair Pound/Dollar GBP/USD continues to move as part of the correction and the bearish channel. At the time of the publication of the forecast, the rate of the Pound to the US Dollar on Forex is 1.3573. Moving averages indicate a short-term bearish trend. Prices broke through the areas between the signal lines downward, 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 to raise the price of the British Pound against the US Dollar and test the resistance area near the level of 1.3645. 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 fall of the pair, in the framework of the Forex forecast for October 7, 2021, is the area at the level of 1.3235.
GBP/USD Forecast Pound Dollar October 7, 2021
An additional signal in favor of reducing the currency pair will be a test of the resistance line on the relative strength index (RSI). The second signal in favor of a decline will be a rebound from the lower boundary of the ”Triangle” pattern. Cancellation of the option to drop the pair Pound/Dollar will be a strong growth with a breakdown of the resistance area with the price fixing above the level of 1.3835. 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 1.3995. It is worth waiting for confirmation of the pair’s fall with the breakdown of the support area and closing of the price below the level of 1.3335, which will indicate a breakdown of the lower border of the bearish channel.
GBP/USD Forecast Pound Dollar October 7, 2021 suggests an attempt to test the resistance area near the level of 1.3645. Then, the continuation of the fall with the target below 1.3235. 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 1.3835 area. This will indicate a continued rise in the pair with a potential target above the level of 1.3995.
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