empty
 
 
06.05.2024 04:55 AM
Forecast for GBP/USD on May 6, 2024

GBP/USD

On Friday, the British pound momentarily surged by more than 100 pips, but quickly retreated to its initial positions, closing the day up by only 12 pips. The upper shadow corresponded to the line of the descending channel.

This image is no longer relevant

Overall, the price has settled above the level of 1.2525, but since it has already reached both bullish targets (the channel line and the level of 1.2596), the price may return below the support and even move towards 1.2427. The Marlin oscillator is in growth territory but has significantly slowed down its ascent.

This image is no longer relevant

On the 4-hour chart, the price has stalled on the balance indicator line. The Marlin oscillator is at the zero neutral line. Its move into negative territory may help the price overcome the support at 1.2525. Further, the price will encounter support from the MACD line (1.2495). Breaking this support completely opens the path to 1.2427.

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 $9000 more!
    In May we raffle $9000 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