Currency pair Pound Dollar GBP/USD ends the trading week near the level of 1.2593. The pair continues to trade below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bearish 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 1.2650 are expected. Where can we expect an attempt to rebound downwards and further fall in the GBP/USD pair with a target near the level of 1.2205.
GBP/USD Forecast March 25 — 29, 2024
An additional signal in favor of a decline in the GBP/USD currency pair will be a test of the resistance level on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Previously, a weak signal was received to sell the Pound/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.2675.
Cancellation of the option for the pair’s quotes to fall will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with quotes closing above the 1.2805 area. This will indicate a change in the bearish trend in favor of a bullish trend and continued growth of the currency pair. Expect an acceleration in the fall of GBP/USD quotes with a breakdown of the support area and closing below the level of 1.2505, which will indicate a breakdown of the lower boundary of the bullish correction channel.
GBP/USD Forecast March 25 — 29, 2024 suggests an attempt to develop a bullish correction with a test of the level of 1.2705. Where can we expect a rebound and continued fall of the currency pair with a potential target near the level of 1.3085. A test of the resistance area will be in favor of a decline. Cancellation of the option for the asset to fall will be a breakdown of the 1.2565 area. In this case, we should expect continued growth of the Pound against the US Dollar with a target above the 1.2325 area.
