16.04.202405:13 Forex Analysis & Reviews: Forecast for GBP/USD on April 16, 2024

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GBP/USD

Yesterday, the British pound rebounded from the support level of 1.2427 by 60 pips, but the attempt was thwarted, and the GBP/USD pair closed the day down by 3 pips. This morning, the price is attempting to break below the support level of 1.2427.

The signal line of the Marlin oscillator has settled in the lower half of its own descending channel, assisting the price in fulfilling its task. The bears' initial target is 1.2370 (the low of November 17, 2023), and the quote may fall towards the range of 1.2287-1.2307.

On the 4-hour chart, the signal line of the oscillator is not in a rush to fall, so consolidation at the achieved level or below it is possible. Currently, time is not on the pound's side – the weaker its decline, the longer it will continue, as was the case from July to October 2023.

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