24.03.202305:38 Forex Analysis & Reviews: Forecast for GBP/USD on March 24, 2023

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.

The pound was able to overcome the resistance of the MACD indicator line on the daily chart, but could not hold steady above it. In today's Asian session, with the reversal of the Marlin oscillator, the pound fell below the indicator line, and in case it settles under it, it will attack 1.2155 (May 2022 low).

Consolidating below this level will open the next target at 1.1914.

On the four-hour chart, it is clear that the pound's growth from the 16th was excessive, the 1.2040 level is neutral in the short-term, and this level is located right between the target levels of 1.2155 and 1.1914. The price will probably linger on this neutral level for a while.

And now, with the Marlin oscillator entering negative territory, the price will try to overcome the support of the MACD line (1.2188) and 1.2155.

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.