24.03.2023 05:38 AM
Forecast for GBP/USD on March 24, 2023

The pound was able to overcome the resistance of the MACD indicator line on the daily chart, but could not hold steady above it. In today's Asian session, with the reversal of the Marlin oscillator, the pound fell below the indicator line, and in case it settles under it, it will attack 1.2155 (May 2022 low).

This image is no longer relevant

Consolidating below this level will open the next target at 1.1914.

On the four-hour chart, it is clear that the pound's growth from the 16th was excessive, the 1.2040 level is neutral in the short-term, and this level is located right between the target levels of 1.2155 and 1.1914. The price will probably linger on this neutral level for a while.

This image is no longer relevant

And now, with the Marlin oscillator entering negative territory, the price will try to overcome the support of the MACD line (1.2188) and 1.2155.

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 always strives to help you
    fulfill your biggest dreams.
  • 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.
  • 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.
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
  • 30% Bonus
    Receive a 30% bonus every time you top up your account

Recommended Stories

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