empty
 
 
04.10.2024 04:43 AM
Forecast for GBP/USD on October 4, 2024

Bank of England Governor Andrew Bailey's concerns about rising inflation due to increasing oil prices were passed on to market participants, who inferred from his words a potential slowdown in the pace of rate cuts. As a result, the pound lost 143 pips yesterday. Weak PMI data for September added to the pessimistic mood.

This image is no longer relevant

On the daily chart, the price has broken through all possible support levels, including the support of the MACD line. However, because of this, the price needs to take a break now, as the pound is falling ahead of the market, and during this pause, it could potentially rise above the resistance level of 1.3220, which coincides with the 38.2% correction of the entire drop since September 26. The correction is shallow, but breaking above this level would also mean surpassing the September 6 high, which could pave the way for a rise to 1.3360. This scenario becomes likely if today's close is above the MACD line (above the 1.3141 level). The Marlin oscillator attempts to turn upward, but its readings are currently ineffective.

After yesterday's tension release, the pound is expected to move more in sync with the rest of the market. The day's main event will be the release of U.S. employment data. This day could be pivotal for the British currency. In the event of a negative outcome, the price may head toward the support of the embedded price channel line near 1.2887.

This image is no longer relevant

On the four-hour chart, the price is moving within the range of 1.3080-1.3141. The Marlin oscillator is turning upward with strength, which could signal an attempt by the price to break above the nearest resistance. However, U.S. employment data may change these short-term signs. We are waiting for the data release.

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $1000 más!
    ¡En Octubre, sorteamos $1000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback