26.06.202405:20 Forex Analysis & Reviews: Forecast for GBP/USD on June 26, 2024

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GBP/USD

Yesterday, the British pound closed at the opening level. The price managed to consolidate above the balance indicator line, increasing the likelihood of rising to the level of 1.2745. However, the balance line itself is embedded in the body of today's candle, and the signal line of the Marlin oscillator remains completely neutral to this situation.

As a result, we do not expect the pair to show a strong movement in either direction. A significant sign of supporting the downward movement is a break below the MACD line (1.2628). The targets are 1.2517, 1.2465. On the 4-hour chart, the price is tangled in between the balance and MACD indicator lines.

The Marlin oscillator is showing progress in the bullish territory. A move into the downtrend territory could visually coincide with the price breaching yesterday's low at 1.2669, or, a better signal would be the price consolidating below yesterday's low. We also kept an eye on the price's behavior at yesterday's high; the pound might still rise to 1.2745

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