Hot Outlook for GBP/USD for March 28, 2024 – Prediction – March 28, 2024
Let’s call a spade a spade. The market is stagnant. This is mainly due to the standard blank economic calendar for the last week of the month. It is usually accompanied by other events, such as speeches by central bank representatives.
But this time, the major central bank meeting took place literally a week ago and everything that could affect the markets has already been said. The only thing of note today is the final GDP data for the US and UK. However, the final estimate usually has no impact because it simply confirms previous estimates that the market has already taken into account. Only in rare cases where final and preliminary estimates do not agree will the market react to some extent. So the market will continue to tread water.
The downside cycle has slowed down as short position trading volume for the GBP/USD pair has decreased near the 1.2600 level.
On the 4-hour chart, RSI moved near the midline of 50, reflecting the possibility of a flat.
During the same period, Alligator’s MA is pointing downward, indicating a residual signal of a downward cycle.
eyesight
For the pound to fall further, the price would need to settle below the 1.2600 level intraday. In this case, the current calibration cycle may be extended. In an alternative scenario, support is around the 1.2600 level and a bounce is possible in the 1.2600/1.2650 range.
In terms of complex indicator analysis, the indicator suggests trading in the 1.2600/1.2650 range on short-term and intraday periods.
