The currency pair Pound/Dollar GBP/USD is finishing the trading week within the framework of the decline and bearish channel development near the level of 1.2439. The moving averages indicate the presence of a downward trend. Prices have broken through the area between the signal lines downwards, which indicates pressure from sellers and a potential continuation of the decline in the British Pound against the US Dollar exchange rate 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 1.2265. Next, an upward rebound and continued growth of the Pound Dollar quotes to the area above the level of 1.3065.
GBP/USD Weekly Forecast February 3 — 7, 2025
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 February 3 — 7, 2025 will be a drop in quotes and a breakout of the 1.2015 area. This will indicate a breakout of the support area and a continuation of the fall to the area below 1.1745. The growth of the GBP/USD currency pair will be confirmed by a breakout of the resistance area and the price closing above 1.2635, which will indicate a breakout of the upper boundary of the descending channel.
GBP/USD Weekly Forecast February 3 — 7, 2025 suggests an attempt to develop a bearish correction and test the support level near the 1.2265 area. From where we should expect continued growth of the currency pair with a target below the 1.3065 area. An additional signal in favor of the rise will be a test of the trend line on the relative strength indicator. The growth scenario for the Pound Dollar pair will be cancelled if it falls and breaks through the 1.2015 level. In this case, we should expect the pair to continue to decline with a potential target below the 1.1745 level.
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