empty
 
 
04.07.2024 05:14 AM
Forecast for GBP/USD on July 4, 2024

GBP/USD

Yesterday, the pound closed the day up by 56 pips. The price eagerly breached the target level of 1.2745. Currently, GBP/USD is precisely at the 1.2745 level. The signal line of the Marlin oscillator has reached the boundary of the upward trend territory and, in the absence of an impetus, will follow the path of least resistance, which means that it will fall. Considering that the US is celebrating a holiday, the pound might have stopped rising, so we can expect the price to pull back from the resistance level today.

This image is no longer relevant

If this anticipated pullback continues tomorrow after the release of the US employment data, we expect the price to reach the target support at 1.2596, which is the January 17 low. If the price closes above 1.2745 today, it will increase the likelihood of rising to the target resistance at 1.2826 tomorrow.

This image is no longer relevant

On the 4-hour chart, the price is showing progress above the balance and MACD indicator lines, but it has moved far away from them. The Marlin oscillator senses this and is already declining. The support will be the area in the range of 1.2705/10, marked on the chart with a gray stripe around the July 1 peak.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback