17.10.202405:16 Forex Analysis & Reviews: Forecast for GBP/USD on October 17, 2024

Relevance up to 22:00 2024-10-17 UTC--4

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By the end of yesterday, the British pound lost 84 pips. The target support level of 1.2994 was reached and already surpassed. The price is now moving toward the lower boundary of the price channel at 1.2906. The Marlin oscillator failed to form a noticeable reversal and has wholly weakened. Even if the European Central Bank doesn't lower the rate today, the pound won't have the optimism to follow a general rise, as rumors have already surfaced about a 0.50% rate cut by the Bank of England in November.

Yesterday's inflation data was quite optimistic: the core CPI in September decreased from 3.6% y/y to 3.2% y/y, while the overall CPI dropped from 2.2% y/y to 1.7% y/y. A price move below the channel's lower boundary consecutively opens the targets at 1.2859 and 1.2773.

On the four-hour chart, the price has consolidated below the 1.2994 level. The Marlin oscillator has also consolidated in the bearish territory. Overall, the price is declining below the balance and MACD indicator lines. The trend is downward on both timeframes. We expect the price to reach the first target at 1.2906.

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