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FX.co ★ Forecast for GBP/USD on September 20, 2024

Forecast for GBP/USD on September 20, 2024

Following yesterday's Bank of England meeting, only one member of the Committee voted for a rate cut, contrary to the expectation of two. Eight members voted to keep the rate unchanged (the forecast was seven). The pound again tested the resistance level of 1.3300 (with a slight overreach). The total range exceeded 160 pips.

Forecast for GBP/USD on September 20, 2024

However, the technical outlook remains unchanged, and the bears have not lost their potential for a reversal. The divergence and the pressure from linear resistances are still in place. Even if the price rises to 1.3360, this pressure will remain. Only a firm hold above 1.3360 will open the path to 1.3525 or slightly lower, toward the peaks of December 2019 (1.3514) or August 2020.

Forecast for GBP/USD on September 20, 2024

The divergence has changed but is still present on the four-hour chart. It could strengthen if the price falls below the support at 1.3220, allowing the Marlin oscillator to enter negative territory. After that, a battle with the 1.3141 level awaits. So far, this is the main scenario.

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