17.09.202405:30 Forex Analysis & Reviews: Forecast for GBP/USD on September 17, 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.

The British pound posted substantial gains on Monday, influenced by renewed expectations that the Bank of England will leave the interest rate unchanged. Market participants are factoring in only a 25% probability of a rate cut, inspired by the rise in housing prices in September from 0.8% y/y to 1.2% y/y. The pound nearly reached the target level of 1.3220, after which the Marlin oscillator slightly turned downward.

Today, the market will have to endure the expected good data on industrial production and retail sales in the US. The pound will likely undergo a downward correction. If the pound can withstand external pressure, it may reach the upper boundary of the price channel near 1.3245.

On the four-hour chart, the price is moving above the balance and MACD indicator lines. The Marlin oscillator is rising in positive territory but is preparing for sideways movement. The price will likely remain under the 1.3220 resistance level until the Federal Reserve meeting.

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.