Currency pair Pound Dollar GBP/USD is trading at 1.2730 and continues to move within the correction and bullish channel. The pair is trading below the lower boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bearish trend for the Pound/Dollar pair. As part of the Forex exchange rate forecast for the British Pound for today, March 20, 2024. A test of the upper limit of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 1.2760. Where can we expect a downward rebound and a continuation of the fall of the currency pair on the Forex market with a potential target near the level of 1.2595.
Pound Dollar Forecast GBP/USD for March 20, 2024
An additional signal in favor of a decline in the GBP/USD currency pair on Forex will be a rebound from the lower boundary of the bullish channel. The second signal in favor of this scenario on Forex will be a rebound from the resistance area on the price chart. 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 1.2775. The nearest resistance area for the Pound/Dollar pair is located at 1.2805. The nearest support area for the GBP/USD pair is located near the 1.2685 area.
Cancellation of the option of falling quotes for the GBP/USD currency pair on Forex will be a strong increase in the price of the British Pound against the US Dollar on Forex and a breakdown of the upper boundary of the Ichimoku Kinko Hyo Cloud with closing quotes above the 1.2865 area. Such a scenario would indicate a change in the bearish trend in favor of a bullish trend and continued growth of the currency pair on FOREX with a target above the level of 1.2995. Expect an acceleration in the fall of GBP/USD quotes with a breakdown of the support area and closing of prices below the level of 1.2665, which will indicate a breakdown of the lower boundary of the bullish channel.
Pound Dollar Forecast GBP/USD for March 20, 2024 suggests an attempt to test the resistance area near the 1.2760 level. Where can we expect the currency pair to continue to fall with a potential target near the level of 1.2595. Cancellation of the option to reduce the pair will be a strong growth and a breakdown of the 1.2865 area. This will indicate a continued rise in the British Pound against the US Dollar with a target at 1.2995.
