The currency pair Pound/Dollar GBP/USD ends the trading week in a downward trend. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the British Pound against the US Dollar from current levels. At this point, we should expect an attempt to develop a rise and test the resistance area near the level of 1.2685. Next, a rebound downwards and a continuation of the fall of Pound/Dollar quotes to the area below the level of 1.1675.
GBP/USD Weekly Forecast September 11 — 15, 2023
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). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option for the GBP/USD pair to fall in the current trading week of September 11 — 15, 2023 will be a strong increase in quotes and a breakdown of the 1.3175 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.3585. Confirmation of the fall of the GBP/USD currency will be a breakdown of the support area and closing of the price below the level of 1.2405, which will indicate a breakdown of the lower boundary of the bullish channel.
GBP/USD Weekly Forecast September 11 — 15, 2023 suggests an attempt to rise and test the resistance level near the 1.2685 area. Where can we expect the currency pair to continue to fall with a target below the 1.1675 area. An additional signal in favor of the decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the option for the fall of the Pound/Dollar pair will be a strong growth and a breakdown of the level of 1.3175. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.3585.
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