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07.12.2023 06:25 AM
Forecast for GBP/USD on December 7, 2023

GBP/USD

The British pound fell by 33 pips yesterday, demonstrating a serious intent to test the target level of 1.2524. Overcoming this level opens up the target of 1.2373 – an area coinciding with the line of the price channel and the actual target level. The main driving force in the coming days will be tomorrow's US Department of Labor report.

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If investors perceive signs of an impending crisis in the report, the pair will likely reach the target of 1.2373 soon. If investors don't see any cause for concern, then on a new wave of risk appetite, the pound will turn towards the bullish target of 1.2645. The Marlin oscillator, which is closely approaching the zero line, also indicates the precariousness of the situation.

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On the 4-hour chart, we generally have a downtrend, but it seems to be losing momentum as the Marlin oscillator moves gradually. Today, any price movements may turn out to be false signals, and we are awaiting a resolution of the situation with the release of the US employment data tomorrow evening.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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