The Pound Dollar GBP/USD currency pair continues to move as part of the development of a falling and descending channel. At the time of publication of the forecast, the exchange rate of the Pound against the US Dollar on Forex is 1.2878. Moving averages indicate the presence of a short-term bearish trend. Prices broke through the area between the signal lines downwards, which indicates pressure from sellers of the currency pair and the potential continuation of the fall of the instrument. At the moment, we should expect an attempt to develop an increase in the British Pound against the US Dollar and a test of the resistance area near the level of 1.2945. From where it is again worth expecting a rebound in the pair’s quotes downwards and a continuation of the fall of the British Pound currency pair against the US Dollar. The aim of reducing the pair, within the framework of the Forex forecast, is the area at the level of 1.2775.
GBP/USD British Pound forecast for July 26, 2024
An additional signal in favor of the fall of the currency pair will be a test of the bearish trend line on the relative strength indicator (RSI). The second signal in favor of growth will be a rebound from the upper limit of the bearish channel. The cancellation of the option of reducing the Pound Dollar pair will be a strong growth and a breakdown of the resistance area with the price fixing above the level of 1.2975. This will indicate a breakdown of the resistance level and the continuation of the growth of the Pound Dollar pair in the area at 1.3095. It is worth waiting for confirmation of the pair’s fall with a breakdown of the support area and the price closing below the level of 1.2885.
Thus, the GBP/USD forecast of the British Pound for July 26, 2024 suggests an attempt to test the resistance area near the level of 1.2855. Then, a continuation of the fall with a target near the 1.2950 level. An additional signal in favor of a decline in 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 rise in the British Pound against the US Dollar and a breakdown of the 1.2975 area. This will indicate a continued rise in the Forex pair with a potential target above the 1.2765 level.
