17.07.202404:51 Forex Analysis & Reviews: Forecast for GBP/USD on July 17, 2024

Relevance up to 22:00 2024-07-17 UTC--4

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.

GBP/USD

The pound showed a symbolic growth at the end of Tuesday, but the price divergence with the Marlin oscillator slightly increased. The price may not rise above the resistance at 1.2989 anymore, but will fall towards the support level at 1.2847 instead.

Yesterday, core sales for June rose 0.4%, retail sales remained flat in June 2024, unchanged from May. The US Q2 GDP forecast from FRB Atlanta was raised from 2.0% to 2.5%. It seems to be a good time for the dollar to turn around following good economic reports.

On the 4-hour chart, the Marlin oscillator signal line briefly went into negative territory. This morning, the Marlin came close to this boundary again. Overcoming the support of the MACD line (1.2912) opens the way to the target levels of 1.2847, 1.2755.

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.