empty
 
 
24.08.2023 05:21 AM
Forecast for GBP/USD on August 24, 2023

GBP/USD

Yesterday, the British pound declined strongly by more than a figure. The pair reached the support of lows on the 14th and 3rd of August, at 1.2614. By analogy with those days, the price can continue to rise to the nearest resistance level at 1.2814.

This image is no longer relevant

Consolidating above this level will open up the next target at 1.2880 – the 50.0% correction level. The Marlin oscillator continues to move towards the boundary of the uptrend territory. On the four-hour chart, the price reached the level of 1.2720 and the balance line. A consolidation above the MACD line took place.

This image is no longer relevant

The price is trying to consolidate above 1.2720, but it seemingly lacks support from the Marlin oscillator, which hasn't left the downtrend territory yet. If the price doesn't drop significantly in the next two candles, Marlin might cross the zero line and pull the price along. The MACD line (1.2690) acts as support.

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 $9000 more!
    In May we raffle $9000 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