Main Quotes Calendar Forum
flag

FX.co ★ Forecast for GBP/USD on April 20, 2023

parent
Forex Analysis:::2023-04-20T04:00:46

Forecast for GBP/USD on April 20, 2023

GBP/USD

Yesterday's UK CPI figures for March were slightly better than expected and kept the pound in positive territory as the dollar index strengthened by 0.20%. The pound's success did not come without a fight – the range was 83 points. However, despite the advance above the resistance level at 1.2422, the Marlin oscillator continues to point downward on the daily chart.

Forecast for GBP/USD on April 20, 2023

If the price consolidates below 1.2422, then the pair can reach the next target at 1.2330 – the MACD line on the daily chart. This is the main scenario. If the price climbs above yesterday's high of 1.2473, it may open another scenario, which involves growth to 1.2598 – the June 2022 high. On the four-hour chart, it is clear that the price could not consolidate above the resistance of the MACD indicator line, even under favorable circumstances.

Forecast for GBP/USD on April 20, 2023

Today, there might not be any favorable circumstances, since the market expects optimistic data from the US on initial jobless claims, the Philadelphia Fed manufacturing survey, and existing home sales for March. As a result, I expect the price to settle below 1.2422, the Marlin oscillator to transition to negative territory, and an increase in bearish pressure on the GBP/USD pair.

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...