Currency pair Pound Dollar GBP/USD ends the trading week near the level of 1.2802. The pair continues to trade above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend for the Pound/Dollar pair. As part of the forecast for the British Pound exchange rate for the next trading week. An attempt at correction and a test of the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.2645 are expected. Where can we expect an attempt to rebound upward and further growth for the GBP/USD pair with a target near the level of 1.3025.
GBP/USD Forecast March 11 — 15, 2024
An additional signal in favor of an increase in the GBP/USD currency pair will be a test of the support level on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a signal of medium strength was received for buying the Pound/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.26735.
Cancellation of the option to increase the pair’s quotes will be a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the area of 1.2535. This will indicate a change in the bullish trend in favor of a bearish trend and the continuation of the fall of the currency pair. Expect an acceleration in the growth of GBP/USD quotes with a breakdown of the resistance area and closing above the level of 1.27845.
GBP/USD Forecast March 11 — 15, 2024 suggests an attempt to develop a bearish correction with a test of the level of 1.2645. Where can we expect a rebound and continued growth of the currency pair with a potential target near the level of 1.3025. A test of the support area will be in favor of the rise. Cancellation of the asset growth option will be a breakdown of the 1.2535 area. In this case, we should expect the Pound to continue to decline against the US Dollar with a target below the 1.2175 area.
