13.06.202405:46 Forex Analysis & Reviews: Forecast for GBP/USD on June 13, 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's economic reports showed weak figures for construction, manufacturing, and trade balance in the UK. However, the dramatic decline in the US CPI pulled the pound above the target resistance at 1.2826. And as a result, the pound gained 57 pips.

On the daily timeframe, this rise formed a double divergence with the Marlin oscillator. Now, following the drop below 1.2745, we expect the price to fall towards the MACD line around 1.2640. If the price manages to consolidate above 1.2826 and surpass yesterday's high of 1.2859, we expect it to rise towards the target level of 1.2940.

The price seems overbought on the 4-hour chart, but the decline is being supported by the balance indicator line (red moving average), and the Marlin oscillator is still in the positive territory. We anticipate a gradual decline towards the MACD line (1.2764). A drop below this line would suggest that the bulls are getting weaker, as well as readiness to test support at 1.2745.

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.