empty
 
 
17.06.2024 07:32 AM
Forecast of GBP/USD pair on June 17, 2024

GBP/USD:

The double divergence on the daily chart for the British pound proved quite effective, with Friday's price drop amounting to 75 points. This morning, the price shows an intention to reach the MACD line (1.2638), which it failed to do on Friday. Breaking through 1.2638 opens the target of 1.2596. Further, the target of 1.2517, the February 5 low, becomes achievable.

This image is no longer relevant

The price continues to decline on the four-hour chart after consolidating below the indicator lines. The Marlin oscillator is doing its job (pulling the price down) while in the territory of a downward trend. Consolidating the price below 1.2638 on this scale opens the target of 1.2596.

This image is no longer relevant

There is a market discussion about a rate cut by the Bank of England in August. Investors believe that a signal regarding this will be given at the BoE meeting on June 20.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback