empty
20.11.2024 05:19 AM
Forecast for GBP/USD on November 20, 2024

The British pound made a false break of the 1.2612 support level yesterday. While the level was tested, the price quickly rebounded and is now approaching the target resistance at 1.2708.

This image is no longer relevant

Due to this false move, the Marlin oscillator has slightly slowed its upward trajectory. Its interaction with the upper boundary of its descending channel and the neutral zero line (marked by a cyan oval), which acts as the trend divider, could dampen bullish optimism. If no unusual developments exist, the price could reverse from the target level of 1.2773, initiating a new wave of decline below 1.2612.

This image is no longer relevant

On the four-hour chart, the price reversal from the 1.2612 support level coincided with the Marlin oscillator's bounce from the zero line (indicated by the arrow). The balance line currently limits the price's advance, but with existing support, the price may overcome it and the 1.2708 resistance level. Consolidation above this level could prepare the price for a challenge of the MACD line (1.2748) and eventually the linear resistance at 1.2773. This growth is corrective in nature.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

EUR/USD Forecast for February 28, 2025

Yesterday, the stock market experienced a decline of 1.58% in the S&P 500, while the dollar index rose by 0.83%. The yield on 5-year U.S. government bonds dropped from 4.27%

Laurie Bailey 03:58 2025-02-28 UTC+2

GBP/USD Forecast for February 28, 2025

On Wednesday, the British pound reached the target level of 1.2708 but quickly fell below 1.2616 on Thursday. Today, the price begins the day awaiting new signals. From a technical

Laurie Bailey 03:57 2025-02-28 UTC+2

USD/JPY Forecast for February 28, 2025

On the daily chart, the price is consolidating around the level of 149.38. If this is indeed a consolidation phase, we can expect a decline in price. The target

Laurie Bailey 03:57 2025-02-28 UTC+2

USD/CAD Forecast for February 28, 2025

On the daily chart, the price is nearing a significant resistance level, which is characterized by the MACD line, the price channel line, and the resistance at 1.4464

Laurie Bailey 03:57 2025-02-28 UTC+2

Trading Signals for EUR/USD for February 27-28, 2025: sell if breaks 1.0470 (21 SMA - 200 EMA)

The Eagle Indicator has been showing a negative divergence since February 20th which means that we could expect a sharp drop in the euro if EUR/USD consolidates below

Dimitrios Zappas 16:25 2025-02-27 UTC+2

Trading Signals for GOLD (XAU/USD) for February 27-28, 2025: buy above $2,876 (21 SMA - rebound)

On the contrary, if the instrument falls below 2,876, we could expect a further bearish movement. So, the price could reach 5/8 Murray located at 2,851, and it could even

Dimitrios Zappas 13:57 2025-02-27 UTC+2

Forex forecast 27/02/2025: EUR/USD, USD/JPY, USDX and Bitcoin

Useful links: My other articles are available in this section InstaForex course for beginners Popular Analytics Open trading account Important: The begginers in forex trading need to be very careful

Sebastian Seliga 12:14 2025-02-27 UTC+2

EUR/USD: February 27th. Trump Announced 25% Tariffs on EU Goods

On Wednesday, the EUR/USD pair made a new rise into the resistance zone of 1.0526–1.0533, then reversed in favor of the US dollar, resulting in a decline back

Samir Klishi 11:14 2025-02-27 UTC+2

Indicator Analysis – Daily Overview for GBP/USD on February 27, 2025

Trend Analysis (Figure 1) On Thursday, from the 1.2672 level (yesterday's daily close), the market may begin a downward movement, targeting 1.2637 – the 14.6% retracement level (red dashed line)

Stefan Doll 10:39 2025-02-27 UTC+2

Indicator Analysis for February 27, 2025 – EUR/USD Currency Pair

Trend Analysis (Figure 1) On Thursday, from the level of 1.0483 (yesterday's daily close), the market may continue its downward movement, targeting 1.0453 – the 23.6% retracement level (red dashed

Stefan Doll 10:34 2025-02-27 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.