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FX.co ★ Forecast for GBP/USD on March 18, 2024

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Forex Analysis

2024-03-18T03:06:06
iconRelevance until2024-03-19

Forecast for GBP/USD on March 18, 2024

GBP/USD

On Friday, the British pound broke through the support of the MACD line on the daily timeframe and the level of 1.2745. The Marlin oscillator is gradually falling, as it waits for the price to consolidate below the breached levels, and then it will move into negative territory, pulling the price towards the important and strong support level at 1.2610. A breakthrough will mark the beginning of a long journey towards 1.2070.

Forecast for GBP/USD on March 18, 2024

On the 4-hour chart, the price has settled below the level of 1.2745, and the MACD line is starting to turn downward.

Forecast for GBP/USD on March 18, 2024

The Marlin oscillator is edging up, but it appears to be within a consolidation phase, after which it is most likely to fall. We are waiting for the Federal Reserve meeting.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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