FORECAST FOR GBP/USD ON APRIL 7, 2023

Yesterday, the pound reached a strong support level at 1.2422, which turned out to be an insurmountable resistance for the price in the second half of January. Now, if the pair crosses this level, the first target will be the MACD line at 1.2298, and after correcting the price may fall to 1.2155.

If the 1.2422 level is so strong that even good U.S. jobs data, if it is available today, will not be able to help the price to overcome it, the pair is likely to reverse to the target level of 1.2598. In this case, the signal line of the Marlin oscillator will climb from its own consolidation.

On the four-hour chart, the 1.2422 level is reinforced by the MACD indicator line. And even though the Marlin oscillator is already in negative territory, it can reluctantly follow the price in case it rises. It is a holiday in Europe, and the only driver may be the U.S. employment data. Let's wait for the report and see how things unfold.

Analysis are provided by InstaForex

Read More https://ifxpr.com/3nJymfa