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31.03.2023 05:42 AM
Forecast for GBP/USD on March 31, 2023

After the pound settled above the MACD indicator line on the daily chart on Wednesday, it rose by 74 points on Thursday, and this morning, GBP reached the target level of 1.2420. The question about the possibility of overcoming this resistance and further growth to 1.2598 is rhetorical, of course.

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The Marlin oscillator is reluctantly rising on the daily chart, its figure (flag) suggests an equal probability of an upward or downward breakthrough. In order to continue rising, the price has to settle above 1.2420, which may not happen before Monday. Falling below the MACD line (1.2282) will indicate the downward reversal.

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On the four-hour chart, the price grows above the balance and MACD indicator lines. Considering the overall sideways range of the Marlin oscillator, the price may slightly fall from the reached resistance level, but if the price does not overcome the MACD line (1.2323), the reversal will not happen, the price can turn around to reach new local highs.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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