The Pound/Dollar GBP/USD currency pair continues to move within the growth and the formation of the descending “Wolfe Wave” model. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2754. Moving averages indicate the presence of a short-term bullish trend. Prices broke through the area between the signal lines upwards, which indicates pressure from buyers of the currency pair and a potential continuation of the growth of the instrument. At the moment, we should expect an attempt to develop the rise of the British Pound against the US Dollar and a test of the resistance area near the level of 1.2775. From where we should again expect a rebound in the pair’s quotes downwards and a continuation of the fall of the British Pound against the US Dollar currency pair. The target for the pair’s decline, within the framework of the Forex forecast, is the area at the level of 1.2565.
GBP/USD Forecast and Analysis for December 6, 2024
An additional signal in favor of the decline of the currency pair will be a test of the resistance line on the relative strength indicator (RSI). The second signal in favor of the decline will be a rebound from the upper border of the descending “Wolfe Wave” model. The cancellation of the option of the decline of the Pound Dollar pair will be a strong growth and a breakout of the resistance area with the price fixing above the level of 1.2845. This will indicate a breakout of the resistance level and a continuation of the rise of the Pound Dollar pair to the area at the level of 1.2995. Expect confirmation of the pair’s fall with a breakout of the support area and closing of the price below 1.2675, which will indicate a breakout of the lower border of the bearish “Wolfe Wave” pattern.
GBP/USD Forecast and Analysis for December 6, 2024 suggests an attempt to test the resistance area near 1.2775. Then, a continuation of the fall with a target near 1.2565. An additional signal in favor of the decline of the British Pound will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the fall option will be a strong growth of the British Pound against the US Dollar and a breakout of the 1.2845 area. This will indicate a continuation of the rise on the Forex pair with a potential target above 1.2995.
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