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24.04.202404:45 Forex Analyse & Reviews: Forecast for GBP/USD on April 24, 2024

GBP/USD

Yesterday, the British currency surged by 98 pips, overcoming two target resistances at once. However, the pound rose on average trading volumes, which means that you may still consider strategic selling. It is possible to expect a correction to the Fibonacci level of 38.2%, which is close to the lows of February 6th and 14th.

Exchange Rates 24.04.2024 analysis

At this price level, the Marlin oscillator may reach the boundary of the growth territory, and there's a good chance of a reversal of the downtrend. The peak of the correction would be 1.2596, coinciding with the Fibonacci level of 50.0% and the embedded line of the global descending channel.

Exchange Rates 24.04.2024 analysis

On the 4-hour chart, the price has settled above the MACD indicator line, and the Marlin oscillator has become stable and continues to rise in the positive territory. We expect the price to reach the intermediate level of 1.2525.

*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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