The GBPUSD forecast update 05-04-2024
GBPUSD Price Analysis
Expected Scenario
- The GBPUSD price fluctuates around the EMA50, forming good intraday support.
- Waiting to resume positive trades to test the 1.2700$ level as the first positive station.
- Breaching 1.2700$ represents the key to rally towards 1.2800$ as the next target.
Expected Outcome
We will continue to suggest the bullish trend for the upcoming period unless breaking 1.2625$ followed by 1.2580$ levels and holding below them.
Expected Trading Range
Between 1.2570$ support and 1.2730$ resistance.
Trend Forecast: Bullish
The EURUSD price forecast update - 05-04-2024
Expected Scenarios
Scenario 1: Bearish Trend
- The EURUSD price hovers around the 1.0840$ level, waiting for negative motive.
- Expectation of resuming the bearish trend with stability below 1.0860$.
- Main awaited target is at 1.0765$.
Scenario 2: Bullish Wave
- Breaching 1.0860$ will stop the bearish trend and push the price to build a bullish wave.
- Next target: 1.0960$.
Expected trading range for today: Between support at 1.0750$ and resistance at 1.0900$.
Trend forecast: Bearish
The EURGBP provides positive signal – Forecast today – 5-4-2024
EURGBP Pair Analysis
Expected Scenario
- The EURGBP pair surrendered to positive pressures caused by a stochastic rally towards the 80 level.
- It surpassed the negative track resistance at 0.8562 and achieved gains by reaching the MA55 at 0.8585.
Expected Outcome
Continuous positive closings above the breached resistance and gathering additional positive momentum indicate a strong bullish rally in the near and medium-term period.
The target is set at the 0.8630 level initially, with potential for further upward movement towards 0.8655 as the next main station.
Expected Trading Range
Between 0.8570 support and 0.8655 resistance.
Trend Forecast: Bullish
Natural gas price surrenders to the sideways track – Forecast today – 5-4-2024
Natural Gas Price Analysis
Expected Scenario
- The natural gas price failed to breach the $2.000 barrier, confirming the dominance of a sideways bias.
- It has been observed crawling towards $1.780.
Expected Outcome
It's recommended to stay neutral and monitor the price, particularly regarding major levels represented by the mentioned resistance and $1.540 support line.
These levels form solid obstacles against attempts to resume a negative attack and suffer new losses.
Expected Trading Range
Between $1.650 support and $1.900 resistance.
Trend Forecast: Neutral