empty
 
 
29.04.2024 06:00 AM
Forecast for GBP/USD on April 29, 2024

GBP/USD

On Friday, the British pound showed a trading range of more than 90 pips, piercing the resistance level at 1.2525 (38.2% Fibonacci) with the upper shadow of the daily candle, but ultimately closing the day down by 20 pips.

This image is no longer relevant

This morning, the price is approaching the intermediate resistance, but it has a low chance of surpassing 1.2525 because the Marlin oscillator is suggesting that it may reverse from the border of the uptrend territory. Our main scenario is bearish with the nearest target at 1.2427.

This image is no longer relevant

On the 4-hour chart, the Marlin oscillator is already close to the border of the downtrend area. We are waiting for the price to return below the MACD indicator line, which is moving almost horizontally just above the level of 1.2427, after some contemplation. Breaking the support opens up the target of 1.2370.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback