The Pound/Dollar GBP/USD currency pair continues to move within the growth and formation of the reversal model “Head and Shoulders”. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2671. Moving averages indicate the presence of a short-term bearish trend. Prices are again testing the area between the signal lines, 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 an increase in the British Pound against the US Dollar and a test of the resistance area near the level of 1.2565. From where we should again expect a rebound in the pair’s quotes upward and continued growth of the British Pound against the US Dollar currency pair. The target of the pair’s rise, within the Forex forecast, is the area at the level of 1.2845.
GBP/USD Forecast and Analysis for November 29, 2024
An additional signal in favor of the growth of the currency pair will be a test of the support line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower border of the “Head and Shoulders” reversal pattern. The cancellation of the growth option for the Pound Dollar pair will be a fall and a breakout of the support area with the price fixing below the level of 1.2445. This will indicate a breakout of the support level and a continuation of the fall of the Pound Dollar pair to the area at the level of 1.2255. Confirmation of the pair’s growth should be expected with a breakout of the resistance area and a price close above the level of 1.2735, which will indicate a breakout of the upper border of the descending channel.
GBP/USD Forecast and Analysis for November 29, 2024 suggests an attempt to test the support area near the level of 1.2565. Then, continued growth with a target near the level of 1.2845. An additional signal in favor of the rise of the British Pound will be a test of the support line on the relative strength indicator (RSI). The growth option will be cancelled by the fall of the British Pound against the US Dollar and a breakout of the 1.2445 area. This will indicate a continuation of the decline on the Forex pair with a potential target below the 1.2255 level.
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