Currency pair Pound Dollar GBP/USD is trading at 1.1711 and continues to move as part of the fall and the bearish channel. The pair is trading below the lower border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bearish trend for the Pound/Dollar pair. As part of the Forex forecast of the British Pound for today 31 August 2022. A test of the lower border of the Ichimoku Kinko Hyo indicator Cloud is expected near the level of 1.1780. Where should we expect a rebound and a continuation of the fall of the currency pair with a target near the level of 1.1335.
Pound Dollar Forecast GBP/USD August 31, 2022
An additional signal in favor of a decrease in the GBP/USD currency pair on Forex will be a rebound from the resistance area on the price chart. The second signal will be a rebound from the lower border of the bullish channel. Earlier, a strong 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 1.1800.
Cancellation of the option of falling quotes of the GBP/USD currency pair at Forex will be a strong rise in the price of the British Pound against the US Dollar at Forex and a breakdown of the upper border of the Ichimoku Kinko Hyo Cloud with quotes closing above the 1.2005 area. Such a scenario will indicate a change in the bearish trend in favor of the bullish trend and continued growth of the currency pair on FOREX with a target above the level of 1.2175. Expect an acceleration in the fall of GBP/USD quotes with a breakdown of the support area and closing prices below the level of 1.1535, which will indicate a breakdown of the lower border of the downward channel.
Pound Dollar Forecast GBP/USD August 31, 2022 suggests an attempt to test the resistance area near the level of 1.1780. Where should we expect the currency pair to continue falling with a potential target near the level of 1.1335. Cancellation of the pair’s decline option will be a strong growth and a breakdown of the 1.2005 area. This will indicate a continued rise in the British Pound against the US Dollar with a target at 1.2175.
