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

GBP/USD

Yesterday, the British pound edged higher as the dollar index was down 0.23%. The pound is currently in a neutral state between the MACD line (1.2638) and the target resistance at 1.2745.

The Marlin oscillator, which is in bearish territory, is changing this neutral state towards a downward movement, prompting it to overcome the MACD line.

Tonight, the U.S. will release reports on retail sales and industrial production. Forecasts are optimistic, suggesting that the pound will solidify its decision to decline.

On the 4-hour chart, Marlin indicates a potential downturn without leaving the downtrend area. Overall, the progress over the last 14 candles happened beneath the balance and MACD indicator lines, indicating a downtrend. Even if the price reaches 1.2745, any form of rise will likely remain corrective in nature.