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19.04.202405:03 Forex Analyse & Reviews: Forecast for GBP/USD on April 19, 2024

GBP/USD

Yesterday, the British pound made another attempt, after Wednesday's rise, to start an upward movement, but it was impossible to surpass the Wednesday high. And this morning, the price broke below the support level at 1.2427.

Exchange Rates 19.04.2024 analysis

Up to this point, the Marlin oscillator has not been eager to help the price; it's been busy doing its own job—releasing tension in front of the oversold territory for a more convenient downward movement. But now it has turned downwards. The nearest target for the pound is 1.2370—the November 17, 2023 low. Then comes the struggle to consolidate within the range of 1.2287-1.2307.

Exchange Rates 19.04.2024 analysis

On the 4-hour chart, the price is preparing to consolidate below the level of 1.2427. The Marlin oscillator has moved into negative territory. The signal for further downward movement has been formed.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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