For Traders

Analytical Reviews

Technical analysis

16.04.202405:13 Forex Analysis & Reviews: Forecast for GBP/USD on April 16, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD

Yesterday, the British pound rebounded from the support level of 1.2427 by 60 pips, but the attempt was thwarted, and the GBP/USD pair closed the day down by 3 pips. This morning, the price is attempting to break below the support level of 1.2427.

The signal line of the Marlin oscillator has settled in the lower half of its own descending channel, assisting the price in fulfilling its task. The bears' initial target is 1.2370 (the low of November 17, 2023), and the quote may fall towards the range of 1.2287-1.2307.

On the 4-hour chart, the signal line of the oscillator is not in a rush to fall, so consolidation at the achieved level or below it is possible. Currently, time is not on the pound's side – the weaker its decline, the longer it will continue, as was the case from July to October 2023.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.