11.06.2024 06:54 AM
Forecast for GBP/USD on June 12, 2024


On the daily chart, yesterday's lower shadow gives the price an opportunity to rise today and even tomorrow, attempting to break through the resistance at 1.2745. This would provide a favorable starting position ahead of the Federal Reserve's rate decision.

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The primary task is to overcome the Kijun-sen line (1.2638) and consolidate above it in order to advance towards the target ranges of 1.2424/65 and 1.2307/55. The Marlin oscillator remains above the boundary of the bearish trend territory, allowing for a retest of the 1.2745 level.

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On the 4-hour chart, the price is approaching the resistance at 1.2745, supported by a rising Marlin oscillator. The correction limit might be the Kijun-sen line (1.2762). However, in anticipation of the Fed meeting, volatility may be moderate.

Laurie Bailey,
Analytical expert of InstaForex
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