Currency pair Pound Dollar GBP/USD is trading at 1.2643 and continues to move as part of the development of a bullish correction and a 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 31 August 2023. A test of the lower border of the Ichimoku Kinko Hyo indicator Cloud is expected near the level of 1.2665. 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 1.2420.
Pound Dollar Forecast GBP/USD for August 31, 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 medium-strength 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 1.2705. The nearest resistance area for the Pound/Dollar pair is located at 1.2685. The nearest support area for the GBP/USD pair is located near the 1.2550 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 1.2755 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 31, 2023 suggests an attempt to test the resistance area near the level of 1.2665. Where should we expect the currency pair to continue falling with a potential target near the level of 1.2420. Cancellation of the option to reduce the pair will be a strong growth and a breakdown of the area of 1.2755. This will indicate a continued rise in the British Pound against the US Dollar with a target at 1.2875.
