The Pound/Dollar GBP/USD currency pair continues to move within the framework of the decline and descending channel development. At the time of the forecast publication, the Pound to US Dollar exchange rate on Forex is 1.2210. Moving averages indicate the presence of a short-term bearish trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the instrument’s fall. At the moment, we should expect an attempt to develop the fall of the British Pound against the US Dollar and a test of the resistance area near the 1.2305 level. Where should we expect a downward rebound in the pair quotes and a continued fall of the British Pound against the US Dollar currency pair. The target for the pair’s decline, within the Forex forecast, is the area at 1.2055.
GBP/USD Forecast and Analysis for January 17, 2025
An additional signal in favor of the currency pair’s fall 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 channel. The cancellation of the fall option for the Pound Dollar pair will be a strong growth and a breakout of the resistance area with the price fixing above 1.2375. This will indicate a breakout of the resistance level and continued growth of the Pound Dollar pair to the area at 1.2565. Confirmation of the pair’s fall should be expected with a breakout of the support area and the price closing below 1.2115, which will indicate a breakout of the lower border of the bullish correction channel.
GBP/USD Forecast and Analysis for January 17, 2025 suggests an attempt to test the resistance area near the level of 1.2305. Then, a continuation of the fall with a target near the level of 1.2055. 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 1.2375 area. This will indicate a continuation of the rise on the Forex pair with a potential target above the level of 1.2565.
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