Currency pair Pound Dollar GBP/USD ends the trading week near the level of 1.2642. The pair continues to trade inside the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a sideways 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 lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.2625 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 1.2995.
GBP/USD Forecast March 4 — 8, 2024
An additional signal in favor of an increase 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 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 1.2405. This will indicate a change in the sideways trend in favor of a bearish trend and a 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 1.2765, which will indicate a breakdown of the upper boundary of the downward correction channel.
GBP/USD Forecast March 4 — 8, 2024 suggests an attempt to develop a bearish correction with a test of the level of 1.2625. Where can we expect a rebound and continued growth of the currency pair with a potential target near the level of 1.2995. 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 1.2405 area. In this case, we should expect the Pound to continue to decline against the US Dollar with a target below the 1.2165 area.
