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09.04.202407:21 Forex Analysis & Reviews: Forecast for GBP/USD on April 9, 2024

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GBP/USD

Yesterday, the pound sterling rose to the resistance area of the embedded descending price channel and the daily balance indicator line.

Exchange Rates 09.04.2024 analysis

In today's Pacific session, the price thought about its ability to rise while being below the balance line and with the Marlin oscillator in negative territory. In such a situation, along with a tendency to fall, the black body of the candle will indicate the advantage of the downward trend.

Exchange Rates 09.04.2024 analysis

On the 4-hour chart, the price shows an intention to rise while being above both indicator lines and with the Marlin oscillator showing progress in the uptrend territory. However, this trend is weak, and overall, the pound continues to move within a wide range, with recent breakouts in both directions proving to be false movements. We are waiting for the European Central Bank meeting on Thursday.

Laurie Bailey
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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