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 1.2992. Moving averages indicate the presence of a short-term bearish trend. Prices are testing the area between the signal lines, which indicates pressure from sellers of the currency pair and a potential continuation of the instrument’s decline. 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 1.2865. Where should we expect the pair’s quotes to bounce back upwards and the British Pound versus US Dollar currency pair to continue to grow. The target for the pair’s rise, within the Forex forecast, is the area at 1.3235.
GBP/USD Forecast and Analysis for November 6, 2024
An additional signal in favor of the pair’s growth 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 GBP/USD pair’s growth option will be cancelled by a fall and a breakout of the support area with the price fixing below 1.2795. This will indicate a breakout of the support level and a continuation of the GBP/USD pair’s fall to the area at 1.2725. We should expect confirmation of the pair’s growth with a breakout of the resistance area and the price closing above 1.3065, 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 6, 2024 suggests an attempt to test the support area near the level of 1.2865. Then, continued growth with a target near the level of 1.3235. 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 1.2795 area. This will indicate a continuation of the decline on the Forex pair with a potential target below the level of 1.2725.
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