The Pound Dollar GBP/USD currency pair ends the trading week near the 1.3779 area. The pair continues to move within the fall and left the limits of the bullish channel. Moving averages indicate the presence of a bullish trend. Prices are testing 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 of growth and a test of the resistance area near the level of 1.3925. Next, the rebound and the beginning of the fall of the Pound Dollar quotes to the area below the level of 1.2445.
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 lower border of the bullish channel. The cancellation of the fall of the GBP/USD pair in the current trading week on July 19-23, 2021 will be a strong growth and a breakdown of the 1.4465 area. This will indicate the breakdown of an important resistance area and the continuation of the rise to the area above the level of 1.5065. The breakdown of the support area and the closing of the price below the level of 1.3475 will confirm the fall of the GBP/USD currency.
GBP/USD Forex signal for the week of July 19-23, 2021
Among the important news from the UK that can affect the Pound Dollar exchange rate, it is worth highlighting: Retail sales in the UK m/m (United Kingdom Retail Sales m/m).
Thus, the GBP/USD Forex forecast for the week of July 19 - 23, 2021 suggests an attempt to grow and test the resistance level near the 1.3925 area. From where we should expect the currency pair to continue falling with a goal below the 1.2445 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 1.4465 level. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.5065.