Currency pair Pound Dollar GBP/USD is trading at 1.2676 and continues to move as part of the development of the correction 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 September 1, 2023. A test of the lower border of the Cloud of the Ichimoku Kinko Hyo indicator is expected near the level of 1.2665. Where should we expect a rebound upwards and the continuation of the rise of the currency pair in the Forex market with a potential target near the level of 1.2925.
Pound Dollar Forecast GBP/USD for September 1, 2023
An additional signal in favor of the growth 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 support area on the price chart. Earlier, a weak signal was received for buying the Pound/Dollar pair. The signal was formed due to the crossing of the signal lines at the level of 1.2635. 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 1.2635 area.
Cancellation of the growth option for the quotes of the GBP/USD currency pair at Forex will be the fall in the price of the British Pound against the US Dollar at Forex and the breakdown of the lower border of the Ichimoku Kinko Hyo Cloud with the closing of quotes below the 1.2575 area. Such a scenario will indicate a change in the bullish trend in favor of the bearish trend and the continued fall of the currency pair on FOREX with a target below 1.2365. Expect an acceleration in the growth of GBP/USD quotes with a breakdown of the resistance area by closing prices above the level of 1.2805, which will indicate a breakdown of the upper limit of the downward channel.
Pound Dollar Forecast GBP/USD for September 1, 2023 suggests an attempt to test the support area near the level of 1.2665. Where should we expect the currency pair to continue to grow with a potential target near the level of 1.2420. Cancellation of the pair’s rise option will be a fall and a breakdown of the 1.2755 area. This will indicate a continued decline in the British Pound against the US Dollar with a target at 1.2875.
