empty
 
 
13.06.2024 05:46 AM
Forecast for GBP/USD on June 13, 2024

GBP/USD

Yesterday's economic reports showed weak figures for construction, manufacturing, and trade balance in the UK. However, the dramatic decline in the US CPI pulled the pound above the target resistance at 1.2826. And as a result, the pound gained 57 pips.

This image is no longer relevant

On the daily timeframe, this rise formed a double divergence with the Marlin oscillator. Now, following the drop below 1.2745, we expect the price to fall towards the MACD line around 1.2640. If the price manages to consolidate above 1.2826 and surpass yesterday's high of 1.2859, we expect it to rise towards the target level of 1.2940.

This image is no longer relevant

The price seems overbought on the 4-hour chart, but the decline is being supported by the balance indicator line (red moving average), and the Marlin oscillator is still in the positive territory. We anticipate a gradual decline towards the MACD line (1.2764). A drop below this line would suggest that the bulls are getting weaker, as well as readiness to test support at 1.2745.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
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