The currency pair Pound/Dollar GBP/USD ends the trading week within the development of a decline and a bullish channel near the level of 1.2910. The moving averages indicate the presence of an upward trend. Prices are testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the British Pound against the US Dollar from the current levels. At this point, we should expect an attempt to develop a decline and test the support area near the level of 1.2835. Next, an upward rebound and continued growth of Pound Dollar quotes to the area above the level of 1.3535.
GBP/USD Forecast and Analysis November 4 — 8, 2024
An additional signal in favor of the growth of the British Pound will be a test of the support line on the relative strength indicator. The second signal will be a rebound from the lower border of the bullish channel. The cancellation of the growth option for the GBP/USD pair in the current trading week of November 4 — 8, 2024 will be a drop in quotes and a breakout of the 1.2535 area. This will indicate a breakout of the support area and a continuation of the fall to the area below the level of 1.2245. The growth of the GBP/USD currency pair will be confirmed by a breakout of the resistance area and closing the price above 1.3065, which will indicate a breakout of the upper boundary of the downward correction channel.
GBP/USD Forecast and Analysis November 4 — 8, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2835 area. Where should we expect continued growth of the currency pair with a target below the 1.3535 area. An additional signal in favor of growth will be a test of the trend line on the relative strength indicator. The cancellation of the growth option for the Pound Dollar pair will be a fall and a breakout of the 1.2535 level. In this case, we should expect the pair to continue to decline with a potential target below 1.2245.
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