The Pound Dollar GBP/USD currency pair ends the trading week as part of the development of a bearish correction and a bullish channel. At the time of publication of the forecast, the exchange rate of the Pound against the US Dollar on Forex is 1.2871. Moving averages indicate the presence of a short-term bullish trend. Prices broke through the area between the signal lines up, which indicates pressure from buyers of the currency pair and the potential continuation of the growth of the instrument. As part of the forecast of the British Pound for the week, 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 1.2835. From where it is worth expecting a rebound in the pair’s quotes up and the continued growth of the British Pound currency pair against the US Dollar. The aim of the pair’s rise, within the framework of the Forex forecast, is the area at the level of 1.3275.
GBP/USD forecast for the week of July 29 — August 2, 2024
An additional signal in favor of the growth of the currency pair will be a test of the bullish trend line on the relative strength indicator (RSI). The second signal in favor of a decline will be a rebound from the lower boundary of the bullish channel. The cancellation of the option of lifting the Pound Dollar pair will be a fall and a breakdown of the support area with the price fixing below the level of 1.2745. This will indicate a breakdown of the support level and the continuation of the fall of the Pound Dollar pair into the area at 1.2535. It is worth waiting for confirmation of the pair’s growth with a breakdown of the resistance area and the price closing below the 1.3045 level.
GBP/USD forecast for the week of July 22 — August 2, 2024
Thus, the GBP/USD forecast for the week of July 29 — August 2, 2024 suggests an attempt to test the support area near the 1.2835 level. Then, continued growth with a target near the 1.3275 level. An additional signal in favor of the British Pound’s rise will be a test of the resistance line on the relative strength indicator (RSI). The cancellation of the growth option will be the fall of the British Pound against the US Dollar and the breakdown of the 1.2745 area. This will indicate a continued decline in the Forex pair with a potential target below the 1.2535 level.
