10.10.202404:57 Forex Analysis & Reviews: Forecast for GBP/USD on October 10, 2024

Relevance up to 22:00 2024-10-10 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.

Yesterday, the British pound broke below the 1.3080 level for the fourth time in four days, this time with the day's close below the level. This morning, the price is attempting to rise again, preserving its reversal potential. The Marlin oscillator is also slowly turning upward.

A positive sign of the bulls' strength is the price's "clinging" to the balance line, which questions the movement toward the open level of 1.2994. The potential for further growth will be determined by the price consolidating above the 1.3141 level and breaking above the MACD line, which is rising above this level.

On the four-hour chart, the price closes in at around 1.3080, while the Marlin oscillator consolidates above the zero level. The price consolidation above this level will entail the oscillator's signal line breaking out of the consolidation range, providing an additional (moderate) boost for further growth.

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.