The currency pair Pound/Dollar GBP/USD ends the trading week in a downward trend. Moving averages indicate a bullish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the fall 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 1.2515. Next, a rebound downwards and a continuation of the fall of Pound/Dollar quotes to the area below the level of 1.1685.
GBP/USD Weekly Forecast September 18 — 22, 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, which was broken down by sellers. Cancellation of the option for the GBP/USD pair to fall in the current trading week of September 18 — 22, 2023 will be a strong increase in quotes and a breakdown of the 1.2965 area. This will indicate a breakdown of the resistance area and continued growth to the area above the level of 1.3365. 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 1.2345.
Among the important news from the UK that may have an impact on the Pound Dollar exchange rate, it is worth highlighting: Bank of England (BoE) Interest Rate Decision, United Kingdom Retail Sales m/m.
GBP/USD Weekly Forecast September 18 — 22, 2023 suggests an attempt to rise and test the resistance level near the 1.2515 area. Where can we expect the currency pair to continue to fall with a target below the 1.1685 area. An additional signal in favor of a decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option for the Pound/Dollar pair will be a strong growth and a breakdown of the level of 1.2965. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.3365.
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