Daily Market Review. 25.03.2024 GBP/USD

25.03.2024 09:46
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In today's financial forecast, we're diving into the GBP/USD currency pair, brought to you by Investizo - your trusted forex broker.
Over the last forty-eight hours, the British Pound has seen a significant movement of one hundred and eighty pips, successfully breaking through the support level at one point two six one zero. Following this breakthrough, and with the price now consolidating below this pivotal level, our projection indicates a potential decline towards one point two five two four. However, any upward correction appears to be capped by the March nineteenth low, standing at one point two six six six.


Looking ahead, optimism surrounds the upcoming U.S. economic reports. Today's focus is on the new home sales report, expected to show a two point one two percent increase for February. Moreover, Tuesday's agenda includes data on durable goods orders, with forecasts suggesting a one point two percent rise for February, and consumer confidence, anticipated to slightly increase to one hundred and six point nine in March from one hundred and six point seven in February. With no significant reports scheduled for the UK, the dollar seems poised to gain the upper hand.


A glance at the four-hour chart reveals that the price has firmly positioned itself below the one point two six one zero level. This is further corroborated by the Marlin oscillator, which underscores the downward trajectory. Despite a current attempt at correction above resistance, we anticipate the end of this corrective phase to usher in a return below the one point two six one zero mark, leading to further depreciation.


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