Forecast for GBP/USD on April 18, 2023

Yesterday, the British pound showed strong volatility, closing the day with a loss of 38 points. On the daily chart, the signal line of the Marlin oscillator has approached the limit of the downtrend, so to break through it, the price should settle below the MACD indicator line (1.2322). Consolidating below support will open the next target at 1.2155 - the peak of November 2022.

On the four-hour chart, we can see that yesterday's trading range was formed below the target level of 1.2422. The balance indicator line in red also helped the level.

This is a sign of strong resistance, so in the near future, I expect the price to cross the support level of 1.2322. The Marlin oscillator is also set to fall further.

Analysis are provided by InstaForex

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