Forex Analysis & Reviews: Overview of the GBP/USD pair on April 11, 2024

The GBP/USD pair continues to trade in a flat on the 24-hour timeframe, which is the most important thing. We still expect movement to the south, but below the level of 1.2500, the pair has not been able to break out for 4 months already. Therefore, the flat must be completed first, and only then should the technical picture be analyzed for trading signals to form a new trend. And yesterday's decline in quotes by 200 points fundamentally changes nothing yet. Purchases of the pair are possible if the price fails to overcome the lower boundary of the sideways channel. Then the target will again be the level of 1.2800. But we believe that the time to end the flat has come. Illustration notes: Linear regression channels - help determine the current trend. If both are directed in the same direction, the trend is strong. The moving average line (settings 20.0, smoothed) - determines the short-term trend and direction in which trading should be conducted. Murray levels - target levels for movements and corrections. Volatility levels (red lines) - the probable price channel in which the pair will spend the next day, based on current volatility indicators. CCI indicator - its entry into the oversold zone (below -250) or overbought zone (above +250) indicates that a trend reversal in the opposite direction is approaching.


Analysis are provided by InstaForex.

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