Currency pair Pound Dollar GBP/USD is trading at 1.2586 and continues to move as part of the development of the fall and has left the bearish channel. The pair is trading below the lower border of the Cloud indicator Ichimoku Kinko Hyo. This indicates a bullish trend for the Pound/Dollar pair. As part of the Forex forecast of the British Pound for today 30 August 2023. A test of the area of the signal lines of the Ichimoku Kinko Hyo indicator is expected near the level of 1.2625. Where should we expect a rebound down and the continuation of the fall of the currency pair in the Forex market with a potential target near the level of 1.2415.
Pound Dollar Forecast GBP/USD for August 30, 2023
An additional signal in favor of the fall of the GBP/USD currency pair on Forex will be a rebound from the upper border of the bearish channel. The second signal in favor of such a scenario on Forex will be a rebound from the resistance area on the price chart. Earlier, a weak signal was received for buying Pound/Dollar. The signal was formed due to the crossing of the signal lines at the level of 1.2715. The nearest resistance area for the Pound/Dollar pair is located at 1.2675. The nearest support area for the GBP/USD pair is located near the 1.2525 area.
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 1.2765 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 1.2875. Expect an acceleration in the fall of GBP/USD quotes with a breakdown of the support area by closing prices below the level of 1.2505.
Pound Dollar Forecast GBP/USD for August 30, 2023 suggests an attempt to test the resistance area near the level of 1.2625. Where should we expect the currency pair to continue falling with a potential target near the level of 1.2415. Cancellation of the option to reduce the pair will be a strong growth and a breakdown of the area of 1.2765. This will indicate a continued rise in the British Pound against the US Dollar with a target at 1.2875.
