24.09.202404:56 Forex Analysis & Reviews: Forecast for GBP/USD on September 24, 2024

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.

Business activity indicators in the UK for September showed a decline. Activity in the services sector decreased from 53.7 to 52.8, against an expected 53.5. The Manufacturing PMI came in at 51.5 points compared to 52.5 in August.

Despite this, the pound sterling managed to rise by the end of the day (unlike the euro, which also struggled due to weak PMI results), likely supported by the slightly weaker-than-expected US PMI, even though they were better than forecasts.

Nevertheless, the pound is weakening by the day. Yesterday's target level of 1.3360 might have been its last achievement. The divergence with the Marlin oscillator is only getting stronger. A return below the 1.3300 level will open a path towards the 1.3220 target.

A minor divergence with the oscillator indicates the price's weakness on the four-hour chart. If the Marlin oscillator moves into negative territory, the divergence will transform into the signal line breaking out of the wide range downward. The battle around the 1.3300 support level will also correlate with the fight with the balance indicator line. This will require help from external (stock) or related (currency) markets.

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.