The currency pair GBP/USD GBP/USD continues to move as part of a correction after a sharp decline. At the time of publishing the forecast, the GBPUSD exchange rate was 1.3397. The moving averages indicate the existence of a short-term bullish trend. The price has fallen below the area between the signal lines, which indicates pressure from sellers of the currency pair and the possibility that the instrument will continue to fall. For now, we should expect a correction in the price of GBPUSD and a test of the resistance area around 1.3475. Where we can expect the quotes of the pound against the dollar to rebound again and continue to fall. As part of the Forex forecast for March 1, 2022, the downside target for the pair is the level of 1.3145.
GBP/USD Forecast GBPUSD March 1, 2022
Another signal supporting the pair's decline would be a test of the resistance line on the Relative Strength Index (RSI). The second signal supporting a fall would be a bounce from the upper boundary of the bearish channel. Cancellation of the down option for the GBP/USD pair would be a strong rise in the pair and a break in the resistance zone with the price fixed above 1.3595. This would indicate that the upper boundary of the model has been breached and the GBP/USD pair continues to rise to the 1.3855 level. With the breakdown of the support zone and the price closing below the 1.3245 level, it is worth waiting for the confirmation of the pair's decline.
GBP/USD forecast for the British pound for March 1, 2022 suggests an attempt to test the resistance area around 1.3855. Subsequently, the decline continues with a target around 1.3245. Another signal in favor of the fall of the pound will be the test of the resistance line of the Relative Strength Index (RSI). The cancellation of the down option would be the strong growth of GBPUSD and the breakdown of the 1.3595 area. This would indicate that the pair continues to rise with a potential target located above 1.3855.