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18.11.202405:22 Forex Analyse & Reviews: Forecast for GBP/USD on November 18, 2024

The price has successfully tested the 1.2612 support level and now appears ready to initiate a correction. The Marlin oscillator has turned upward while still in the downtrend zone.

Exchange Rates 18.11.2024 analysis

The nearest growth target is 1.2708. If the price breaks above this level, it may attempt to reach 1.2773. On the four-hour chart, the Marlin oscillator has been rising steadily since November 12, and during this time, there has been a double convergence with the price.

Exchange Rates 18.11.2024 analysis

This momentum should sufficiently push the price toward the nearest resistance at 1.2708. Beyond that, the price might attempt to reach the second target of 1.2773, although the MACD line will likely act as a barrier at that level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Laurie Bailey,
Analytical expert of InstaSpot
© 2007-2024
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