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Forecast for GBP/USD on April 26, 2024

GBP/USD

Yesterday the pound closed the day up 49 pips, the upper shadow reached the target level of 1.2525 on the Fibonacci 38.2% retracement. The Marlin oscillator moved downward without reaching the border of the uptrend territory.

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The correction has most likely ended. Now the price is facing the target of 1.2186 and ahead of it are the levels: 1.2427, 1.2370, 1.2287-1.2307. On the 4-hour chart, the Marlin oscillator is not turning around as quickly as expected, therefore, prices are likely to experience a slight delay.

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There is a reason for such a delay and balance of forces. The level of 1.2427 is reinforced by the MACD indicator line and Fibonacci level of 23.6% on the daily timeframe. Overcoming this support will be a signal for the beginning of a decline in the medium-term.

The material has been provided by InstaForex Company - www.instaforex.com

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