empty
 
 
03.07.2024 05:39 AM
Forecast for GBP/USD on July 3, 2024

GBP/USD

Influenced by the broader market (with the dollar index down 0.20%), the British pound rose by 34 pips on Tuesday. The upward reversal occurred from the support of the intraday MACD line. The Marlin oscillator has broken out of its descending channel and is now in a rush to move into positive territory. This could happen if the price reaches the target level of 1.2745.

This image is no longer relevant

Such a driven rise ahead of Independence Day in the US and Friday's employment data is quite risky. Nonetheless, from a purely technical standpoint, the probability of an alternative scenario is increasing— renewed investor interest in risk could weaken the dollar if the US labor data shows disappointing figures. As a result, we might see the British pound around the target level of 1.2940.

This image is no longer relevant

On the 4-hour chart, the price has settled above both indicator lines, Marlin is growing in the positive area, and we have an uptrend in the short-term. We await Friday.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $4000 more!
    In July we raffle $4000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback