The currency pair Pound/Dollar GBP/USD is finishing the trading week within the framework of growth development and formation of the “Wedge” reversal pattern near the level of 1.3388. The moving averages indicate the presence of a bullish trend. Prices have broken through the area between the signal lines upwards, which indicates pressure from buyers and 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 growth and test the resistance area near the level of 1.3435. Next, a downward rebound and continuation of the fall of the Pound Dollar quotes to the area below the level of 1.3065.
GBP/USD Forecast and Analysis September 30 — October 4, 2024
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. The second signal will be a rebound from the upper border of the “Wedge” reversal pattern. The cancellation of the option of a decline in the GBP/USD pair in the current trading week of September 30 — October 4, 2024 will be a strong increase in quotes and a breakout of the 1.3595 area. This will indicate a breakout of the resistance area and a continuation of the rise to the area above 1.3815. A confirmation of the fall of the GBP/USD currency pair will be a breakout of the support area and a price close below 1.3275, which will indicate a breakout of the lower border of the “Wedge” pattern and the beginning of the pattern with targets below.
GBP/USD Forecast and Analysis September 30 — October 4, 2024 suggests an attempt to develop a bullish correction and test the resistance level near the 1.3435 area. Where should we expect a continuation of the fall of the currency pair with a target below the 1.3065 area. An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall option for the Pound Dollar pair will be strong growth and a breakout of the 1.3595 level. In this case, we should expect the pair to continue to rise with a potential target above 1.3815.
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