22.10.202405:06 Forex Analysis & Reviews: Forecast for GBP/USD on October 22, 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.

Under pressure from external markets, the British pound fell by 68 pips yesterday, slipping below the support level of 1.2994. The Marlin oscillator does not show a solid inclination to rise, making the lower boundary of the price channel around the 1.2923 mark the primary target.

A break below this line opens the way to the 1.2859 target—the high from June 12.

The price has moved below the MACD line and the 1.2994 support level on the four-hour chart, consolidating there.

The Marlin oscillator has also returned to the bearish territory. If, for any unexpected reason, the price fails to break back above the resistance lines, the decline will continue according to the main scenario.

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.