Currency pair Pound Dollar GBP/USD is trading at 1.2714 and continues to move within the growth and bullish channel. The pair is trading above the upper boundary of the Cloud of the Ichimoku Kinko Hyo indicator. This indicates a bullish trend for the Pound/Dollar pair. As part of the Forex exchange rate forecast for the British Pound for today, March 7, 2024. A test of the signal line area of the Ichimoku Kinko Hyo indicator is expected near the level of 1.2685. Where can we expect an upward rebound and continued growth of the currency pair on the Forex market with a potential target near the level of 1.2825.
Pound Dollar Forecast GBP/USD for March 7, 2024
An additional signal in favor of a rise 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 support area on the price chart. Previously, a signal of medium strength was received for buying the Pound/Dollar pair. The signal was formed due to the intersection of signal lines at the level of 1.2635. The nearest resistance area for the Pound/Dollar pair is located at 1.2745. The nearest support area for the GBP/USD pair is located near the 1.2675 area.
Cancellation of the option to increase quotes for the GBP/USD currency pair on Forex will be a fall in the price of the British Pound against the US Dollar on Forex and a breakdown of the lower boundary of the Ichimoku Kinko Hyo Cloud with closing quotes below the 1.2615 area. Such a scenario would indicate a change in the bullish trend in favor of a bearish trend and a continuation of the fall of the currency pair on FOREX with a target below the level of 1.2465. Expect an acceleration in the growth of GBP/USD quotes with a breakdown of the resistance area and closing prices above the level of 1.2765.
Pound Dollar Forecast GBP/USD for March 7, 2024 suggests an attempt to test the support area near the level of 1.2685. Where can we expect continued growth of the currency pair with a potential target near the level of 1.2825. The cancellation of the pair’s rise will be a fall and a breakdown of the 1.2615 area. This will indicate a continued decline in the British Pound against the US Dollar with a target at 1.2465.
