FX.co ★ Forecast for GBP/USD on August 31, 2022

Another unsuccessful attempt to overcome the target support of 1.1650 took place yesterday. The Marlin Oscillator of a daily scale has already reacted to it, showing its intention to turn up. It is noteworthy that the signal line of the oscillator is reversing from the Fibonacci reaction level of 271.0%, that is, there may be a deep correction. Consolidating under 1.1650 will lead to an attempt to overcome the support of 1.1600. The target below it is 1.1525.

The first significant application of the pound's growth will be when it overcomes the MACD line of the four-hour scale (1.1723), then it is possible to move to the target level of 1.1815.

A double convergence is forming on H4 – it will help the price prepare the base for an upward breakthrough. But there is, of course, an option with overcoming the signal line of the oscillator that forms the line of convergence, then this will become a sign that the convergence was single and it ended after a slight corrective increase in the price below the MACD line.

There is no upward price reversal yet, we see only signs of a possible reversal. We are waiting for the development of events.