Main Quotes Calendar Forum
flag

FX.co ★ Forecast for GBP/USD on August 11, 2023

parent
Forex Analysis:::2023-08-11T03:55:17

Forecast for GBP/USD on August 11, 2023

GBP/USD

Yesterday's trading range amounted to 150 pips. The upper limit was defined by the 38.2% Fibonacci retracement level, while the price was supported from below by the target level of 1.2666. The UK GDP report will be released today. Forecasts for the second quarter are for the GDP rate to remain unchanged (0.2% YoY). Growth for June is expected at 0.2%, which, after the 0.1% decline in May, could significantly alleviate recession concerns. Industrial production volume for June might also show no growth, which, considering the 0.6% contraction in May, is relatively positive. The trade balance could show that the negative balance has fallen.

Forecast for GBP/USD on August 11, 2023

Hence, the pound could rise towards 1.2720, breaking resistance and consolidating above the MACD line at 1.2770. Disappointing data and price consolidation below 1.2666 could open the door to the nearest target at 1.2590. Subsequently, it could fall to 1.2515.

Forecast for GBP/USD on August 11, 2023

On the four-hour chart, the price has consolidated below both indicator lines, and Marlin is in a downtrend zone. Right now, the key level is the resistance level at 1.2720, as it is supported by the MACD line. It's crucial for the price to settle above this level, or else we might see a reverse reaction next.

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...