Forex Analysis & Reviews: Technical Analysis of Intraday Price Movement of GBP/USD Main Currency Pairs, Wednesday July 24, 2024.

The cable on the 4-hour chart is still in a bullish condition where this condition is confirmed by the position of the EMA 50 which is still above the EMA 200 (Golden Cross). However, currently there is a weakening correction and has the potential to bring GBP/USD to the level of the 1.2845-1.2829 area. However, as long as the downward correction does not broken below the 1.2775 level, GBP/USD will strengthen again because this is confirmed by the appearance of deviations between price movements and the MACD Histogram indicator and the existence of a Failing Wedge pattern. where based on these two indicators, GBP/USD has the potential to appreciate stronger to the level of 1.2941 and if momentum and volatility support it, GBP/USD will continue its strengthening to the level of 1.3043.

Analysis are provided by InstaForex.

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