Currency pair Pound Dollar GBP/USD completes the trading week near the level of 1.2663. The pair continues to trade below the lower boundary of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bearish trend for the Pound/Dollar pair. As part of the British Pound exchange rate forecast for the next trading week. An attempt to correct and test the lower border of the Cloud of the Ichimoku Kinko Hyo indicator near the level of 1.2695 is expected. Where should we expect an attempt to rebound down and further fall in the GBP/USD pair with a target near the level of 1.2045.
GBP/USD Forecast September 4 — 8, 2023
An additional signal in favor of a decrease 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 upper border of the bearish channel. Earlier, a weak signal was received for selling the Pound/Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 1.2825.
Cancellation of the option of falling quotes of the pair will be a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with the closing of quotes above the area of 1.2945. This will indicate a change in the bearish trend in favor of the bullish trend and the 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 1.2445.
GBP/USD Forecast September 4 — 8, 2023 suggests an attempt to develop a correction with a test of the level of 1.2695. Where should we expect a rebound and a continuation of the fall of the currency pair with a potential target near the level of 1.2045. In favor of the decline, a test of the resistance area and the lower border of the bullish channel will come out. Cancellation of the option of the fall of the asset will be a breakdown of the area of 1.2945. In this case, we should expect continued growth of the Pound against the US Dollar with a target above the 1.3115 area.
