13.08.202405:24 Forex Analysis & Reviews: Forecast for GBP/USD on August 13, 2024

Relevance up to 22:00 UTC--4

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 Monday, the British pound settled above 1.2755 but failed to move firmly above the balance indicator line. With the Marlin oscillator turning downward, the price is comfortably neutral.

This neutral position might last until the release of employment data in England. An increase in unemployment, expected to rise from 4.4% to 4.5%, could trigger an attack on the support of the MACD line (1.2370). Breaking this support opens the target at 1.2633.

On the 4-hour chart, the pound's neutral position appears more detailed, with the price consolidating above support and the Marlin oscillator moving sideways. A consolidation below 1.2755 would allow the price to move towards the MACD line around the 1.2703 mark, provided the intraday MACD line is overcome beforehand.

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.