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11.04.202416:23 Forex Analysis & Reviews: Trading Signals for GBP/USD for April 11-15, 2024: buy above 1.2527 (1/8 Murray - rebound)

Exchange Rates 11.04.2024 analysis

The British pound is trading around 1.2565, below the 2/8 Murray which represents strong resistance, and above the psychological level of 1.25.

We believe that the British pound could recover in the coming days since the strong downward movement caused by the inflation data from the US pressured the pair to reach a low of 1.2519.

If the British pound consolidates above Murray's eighth, we expect it to rebound and reach 50% and even 61.8% Fibonacci.

The inflation data from the United States makes investors think that the Federal Reserve will continue to tighten its monetary policy in the medium term. Such prospects are likely to put the GBP/USD pair under downward pressure in the coming days.

Technically the GBP/USD pair is within a downtrend channel. It is likely that if there is a technical bounce around 1/8 Murray located at 1.2522 in the next few hours, it could be seen as an opportunity to buy with targets at 1.2773, 1.2635, and 1.2695.

The eagle indicator is giving a positive signal. Any technical bounce above the psychological level of 1.25 will be seen as an opportunity to buy.

*El análisis de mercado publicado aquí tiene la finalidad de incrementar su conocimiento, más no darle instrucciones para realizar una operación.

Dimitrios Zappas,
Analytical expert of InstaSpot
© 2007-2024
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