The GBPUSD forecast update 17-04-2024

Trend Forecast for GBPUSD

Expected Scenario upon Testing the Key Resistance 1.2480$

• The GBPUSD price shows clear positive trades to test the key resistance 1.2480$.
• The price needs to hold below this level to keep the bearish trend scenario valid for today.
• Our target is set at 1.2385$ initially.

Expected Scenario in Case of Breaching 1.2480$

• Continuation of the rise and breaching 1.2480$ will lead the price to achieve additional gains.
• The target for the upward movement is 1.2580$ on the near-term basis.

Expected trading range for today: Between 1.2350$ support and 1.2500$ resistance.

Trend forecast: Bearish