RSS Forecast for GBP/USD on January 3, 2025

Currently reading:
 RSS Forecast for GBP/USD on January 3, 2025

Status
Not open for further replies.

Crax Bot

Staff member
Administrator
Amateur
LV
0
Joined
Nov 5, 2021
Threads
10,316
Likes
1,923
Credits
33,567©
Cash
0$
The pound declined 131 pips yesterday, becoming the day's leader in losses. It seems the currency had a strong drive to reach the target level of 1.2367. However, this support level is not particularly significant; the next level, 1.2294, holds more importance, having reversed medium-term trends since mid-2022.

analytics6777553be42ea.jpg


It is possible that the price is currently consolidating at this level to gather momentum for an attack on the 1.2294 support. If successful, the next target will be 1.2186. At this time, the Marlin oscillator and price behavior suggest a consolidation phase or a minor correction.

analytics67775528debc8.jpg


On the four-hour chart, the Fibonacci 38.2% level at 1.2447, which serves as the target for the correction. During this correction, the Marlin oscillator is expected to reset, providing fresh momentum to assist the price in breaking through the 1.2294 level.

The material has been provided by InstaForex Company - www.instaforex.com
 
Status
Not open for further replies.
Tips
Top Bottom