The Pound/Dollar GBP/USD currency pair continues to move within the fall and descending channel. At the time of publication of the forecast, the Pound to US Dollar exchange rate on Forex is 1.2997. 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 growth of the British Pound against the US Dollar and a test of the support area near the level of 1.3055. Where should we expect the pair quotes to bounce back upwards and the British Pound to US Dollar currency pair to grow. The target for the pair to fall, within the Forex forecast, is the area at 1.2815.
GBP/USD Forecast and Analysis for October 18, 2024
An additional signal in favor of the currency pair’s decline 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 lower border of the bullish channel. The cancellation of the GBP/USD decline option will be a strong growth and a breakout of the resistance area with the price fixing above 1.3165. This will indicate a breakout of the resistance level and a continuation of the rise of the GBP/USD pair to the area at 1.3435. Confirmation of the pair’s fall should be expected with a breakout of the support area and the price closing below 1.2935.
GBP/USD Forecast and Analysis for October 18, 2024 suggests an attempt to test the resistance area near the level of 1.3055. Then, a continuation of the fall with a target near the level of 1.2815. 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 1.3165 area. This will indicate a continuation of the rise on the Forex pair with a potential target above the level of 1.3435.
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