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30.08.2024 05:21 AM
Forecast for GBP/USD on August 30, 2024

The British pound traded in a range of just over 80 pips yesterday. The final result was a 21-pip decline, with the price settling below the 1.3220 level. The Marlin oscillator sustains its rapid decline, with the target range of 1.3095-1.3120 now open. A breakout of this range opens up the target at 1.2994.

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In the 4-hour chart, the price has settled below the MACD line. The Marlin oscillator is slightly contracting to build a new downward momentum as it senses the strength of the target range.

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Today, the pound could be affected by data on total and mortgage lending in England, US inflation, and retail sales. Net lending in the UK is forecast to decrease from £3.82 billion to £3.40 billion in July, while the US personal consumption expenditures (PCE) price index may increase from 2.5% year-on-year to 2.6% year-on-year. Personal spending is expected to rise by 0.5% in July.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
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