FX.co ★ Forecast for GBP/USD on April 25, 2023

GBP/USD

Yields on US government bonds fell sharply yesterday, with 5-year yields dropping from 3.66% to 3.57%. This morning, the yield became 3.55%. As a result, the dollar index fell by 0.38% yesterday, and the British pound rose by 0.35%.

The main target level is 1.2598, but there are two more levels: 1.2524 and 1.2545. The bears, however, have not loosened their grip – the Marlin oscillator does not share the bulls' optimism, predicting a quick price reversal. Falling below 1.2447 will confirm such a scenario. The nearest target will be the MACD line around 1.2340 on the daily chart.

On the four-hour chart, the price is trying to climb above the balance and MACD indicator lines, with Marlin in the positive area. The price is rising, and there are no reversal signs, but the pair can fall due to an external reason. Today, data on US housing prices, new home sales, and consumer confidence will be published.