The Pound Dollar GBP/USD Forex currency pair continues to move within the correction and the start of working out the ”Wolf Wave" model. At the time of publication of the forecast, the exchange rate of the Pound to the US Dollar on Forex is 1.4147. Moving averages indicate the presence of a short-term bullish trend. Prices broke through the area between the signal lines down, which indicates pressure from the sellers of the currency pair and the potential continuation of the fall of the instrument. At the moment, we should expect an attempt to increase the British Pound against the US Dollar and test the resistance area near the level of 1.4195. Where again we should expect a rebound and a continuation of the fall in the quotes of the British Pound currency pair against the US Dollar. The target of the downward movement of the pair, within the Forex forecast for June 11, 2021, is the area at the level of 1.4015.
An additional signal in favor of the fall of the currency pair will be the test of the resistance line on the relative strength indicator. The second signal in favor of a decline will be a rebound from the upper limit of the descending channel. The cancellation of the fall option of the Pound Dollar pair will be a strong growth with a breakdown of the resistance area with prices consolidating above the level of 1.4235. This will indicate the breakdown of the resistance area and the continuation of the growth of the Pound Dollar pair in the area above the level of 1.4475. We should expect confirmation of the pair's fall with a breakdown of the support area and the price closing below the level of 1.4035, which will indicate a breakdown of the lower border of the bearish channel.
Forex GBP/USD. Pound Dollar signals for June 11, 2021
Among the important news from the UK that may affect the GBP/USD exchange rate, it is worth highlighting: UK Manufacturing Production m / m (United Kingdom Manufacturing Production m/m), UK Gross Domestic Product (GDP) m/m (United Kingdom Gross Domestic Product (GDP) m/m), UK Gross Domestic Product (GDP) 3m/3m (United Kingdom Gross Domestic Product (GDP) 3m/3m).
Thus, the GBP/USD forecast for June 11, 2021 suggests an attempt to test the resistance area near the level of 1.4195. Then, a continuation of the fall with a target below the level of 1.4015. An additional signal in favor of the fall of the British Pound will be the test of the resistance line on the relative strength indicator. The cancellation of the fall option will be a strong growth and a breakdown of the 1.4235 area. This will indicate a continuation of the pair's rise with a potential target above the level of 1.4475.