08.08.202404:56 Forex Analysis & Reviews: Forecast for GBP/USD on August 8, 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.

On Wednesday, the British pound made a corrective attempt to rise, where it encountered strong resistance at the balance and MACD (1.2727) indicator lines and retreated to the day's opening level. The price consolidated below the indicator lines, and the Marlin oscillator is working on its downward trajectory.

The price is headed toward the support level of 1.2633. Consolidating below this level would open the target of 1.2517 (the February 5 low). The 4-hour chart shows that the pair's rise was relatively small after the convergence, as the pound met with higher-scale resistance.

However, there is now a risk of forming a double convergence, which may occur after working through the target support at 1.2633. We do not yet anticipate a market reversal, so we expect horizontal movement in the range of 1.2633-1.2727 in the event of such double convergence.

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.