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GBP/USD Forex forecast for the week of May 10-14, 2021

GBP/USD Forex forecast for the week of May 10-14, 2021

The Pound Dollar GBP/USD Forex currency pair ends the trading week near the 1.3957 area. The pair continues to move within the framework of growth and the beginning of working out the bearish ”Wolf Wave " model. Moving averages indicate 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 to grow and test the resistance area near the level of 1.4165. Further, the rebound and the beginning of the fall of the Pound Dollar quotes in the area below the level of 1.2255.

 

GBP/USD Forex forecast for the week of May 10-14, 2021

 

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 May 10-14, 2021 will be a strong growth and a breakdown of the 1.4565 area. This will indicate the breakdown of an important resistance area and the continuation of the rise to the area above the level of 1.5205. 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 1.3455.

 

GBP/USD Forex forecast for the week of May 10-14, 2021

 

Among the important news from the UK that can affect the Pound Dollar exchange rate, it is worth highlighting: Speech by the Chairman of the Bank of England Bailey (Bank of England (BoE) Governor Bailey Speech), Manufacturing Production in the UK m / m (United Kingdom Manufacturing Production m/m), Speech by the Chairman of the Bank of England Bailey (Bank of England (BoE) Governor Bailey Speech), Gross Domestic Product (GDP) of the UK q/q (United Kingdom Gross Domestic Product (GDP) q/q).

Thus, the GBP/USD Forex forecast for the week of May 10 — 14, 2021 suggests an attempt to grow and test the resistance level near the 1.4165 area. Where should we expect the currency pair to continue falling with a target below the 1.2255 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 level of 1.4565. In this case, we should expect the pair to continue to rise with a potential target above the level of 1.5205.

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