FX.co ★ Forecast for GBP/USD on July 29, 2022

The British pound continues to rise towards the nearest target level of 1.2230. The balance indicator line provides resistance on the daily chart. If the price manages to overcome this resistance, settles above 1.2230, then it will have a difficult increase to 1.2435 - towards the support area of late April and early June.

The Marlin Oscillator is growing in the positive area, it is still far from the overbought zone.

The price is rising above the balance indicator line on the four-hour chart. The price was tossed from the support of 1.2100 yesterday.

But here the Marlin Oscillator is declining, there is a possibility of another fall before further growth. If the price still settles under 1.2100, then the probability of further decline will increase significantly.