The Pound/Dollar GBP/USD currency pair continues to move within the correction and the formation of the “Head and Shoulders” model. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2952. Moving averages indicate the presence of a short-term bearish trend. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and a potential continuation of the fall of the instrument. At the moment, we should expect an attempt to develop a decline in the British Pound against the US Dollar and a test of the support area near the level of 1.2835. 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 for the pair’s rise, within the framework of the Forex forecast, is the area at the level of 1.3185.
GBP/USD Forecast and Analysis for November 5, 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 upper border of the bearish channel. 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 1.2785. 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 1.2645. Expect confirmation of the pair’s growth with a breakout of the resistance area and the price closing above 1.3045, which will indicate a breakout of the upper border of the “Head and Shoulders” pattern and the beginning of the pattern’s development with targets at the top.
GBP/USD Forecast and Analysis for November 5, 2024 4 suggests an attempt to test the support area near 1.2835. Then, continued growth with a target near 1.3185. An additional signal in favor of the rise of the British Pound will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the growth option will be the fall of the British Pound against the US Dollar and a breakout of the 1.2785 area. This will indicate a continuation of the decline on the Forex pair with a potential target below 1.2645.
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