08.06.2023 06:10 AM
Forecast for GBP/USD on June 8, 2023


The British pound closed yesterday's session slightly higher, piercing the target level of 1.2457 and the daily balance indicator line with a high upper shadow. Now the price is consolidating in a narrow range between the MACD line and the resistance at 1.2457.

This image is no longer relevant

The Marlin oscillator is approaching the zero line, from which a downward reversal may follow, making the pound's upward movement premature at this point. From a technical perspective, the price's consolidation above 1.2457 has less chance of continuing the rise towards 1.2583 compared to breaking the signal level at 1.2367 and reaching 1.2273.

This image is no longer relevant

On the four-hour chart, the Marlin oscillator's signal line is already forming a classic wedge, statistically favoring a downward breakout. However, breaking below will only lead to an attack on the MACD line, and the price needs a stronger reason to settle below support at 1.2367. It is evident that such reasons will likely emerge soon.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2023
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 $3000 more!
    In September we raffle $3000 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