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26.04.202404:59 Forex Analysis & Reviews: Forecast for GBP/USD on April 26, 2024

GBP/USD

Yesterday, the pound closed the day up by 49 pips, the upper shadow reached the target level of 1.2525 on the Fibonacci 38.2% retracement. The Marlin oscillator moved downward without reaching the border of the uptrend territory.

Exchange Rates 26.04.2024 analysis

The correction has most likely ended. Now the price is facing the target of 1.2186 and ahead of it are the levels: 1.2427, 1.2370, 1.2287-1.2307. On the 4-hour chart, the Marlin oscillator is not turning around as quickly as expected, therefore, prices are likely to experience a slight delay.

Exchange Rates 26.04.2024 analysis

There is a reason for such a delay and balance of forces. The level of 1.2427 is reinforced by the MACD indicator line and Fibonacci level of 23.6% on the daily timeframe. Overcoming this support will be a signal for the start of a decline in the medium-term.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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