GBP/USD Forex Forecast for March 29 - April 2, 2021
The Pound Dollar GBP/USD currency pair ends the trading week near the 1.3789 area. The pair continues to move within the growth and ascending channel. Moving averages indicate a bullish trend. Prices are pushing away from the area between the signal lines, which indicates pressure from buyers and the potential continuation of the rise of the British Pound against the US Dollar at current levels. At the moment, we should expect an attempt to grow and test the resistance area near the level of 1.4145. Further, the rebound and the beginning of the fall of the Pound Dollar quotes in the area below the level of 1.2165.
An additional signal in favor of the fall of the British Pound will be a test of the trend resistance line on the relative strength indicator. The second signal will be a rebound from the upper limit of the bearish ”Wolf Wave " model. The cancellation of the fall of the GBP/USD pair in the current trading week of March 29 — April 2, 2021 will be a strong growth and a breakdown of the 1.4505 area. This will indicate the breakdown of an important resistance area and the continuation of the rise to the area above the level of 1.4805. Confirmation of the fall of the GBP/USD currency will be the breakdown of the support area and the closing of the price below the level of 1.3505, which will indicate the breakdown of the lower curtain of the bullish "Wolf Wave" model.
Among the important news from the UK that can affect the Pound Dollar exchange rate, it is worth highlighting: The Gross domestic Product (GDP) of the United Kingdom q/q (United Kingdom Gross Domestic Product (GDP) q/q).
Thus, the GBP/USD Forex forecast for March 29 — April 2, 2021 suggests an attempt to grow and test the resistance level near the 1.4145 area. Where should we expect the currency pair to continue falling with a target below the 1.2165 area? An additional signal in favor of a decline will be a test of the trend line on the relative strength indicator. The cancellation of the fall of the Pound Dollar pair will be a strong growth and a breakdown of the 1.4505 level. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.4805.