Forecast for GBP/USD on April 23, 2024

GBP/USD

The British pound worked through the target range of 1.2287-1.2307 yesterday and moved out of it, approaching the resistance level at 1.2370. However, we didn’t expect the price to overcome the range on its first attempt; we were actually expecting a correction. The Marlin oscillator moved upward as a sign of support. However, Marlin is forming a shallow bottom, and its reversal looks more like a discharge, a release of tension before further decline.

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The optimal corrective level appears to be at 1.2427. Next, we expect a price reversal towards the lower line of the price channel below the level of 1.2200. On the 4-hour chart, the price is gathering strength to overcome the level of 1.2370. Consolidation above it opens up the target of 1.2427.

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This level is strong because it is supported by the approaching MACD line. From this level, we expect a bearish price reversal. The Marlin oscillator, with a transition to the positive territory, will help the price rise, but it has numerous resistance levels to deal with.

The material has been provided by InstaForex Company – www.instaforex.com

See also  Analysis of the GBP/USD pair on April 24, 2024

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