FX.co ★ Forecast for GBP/USD on September 1, 2022

The British pound lost 33 points on Wednesday. The price has been struggling with support at 1.1600 all evening and has overcome it this morning. Now the nearest target is the 1.1525 target level, followed by the 1.1385 target.

The signal line of the Marlin Oscillator on a daily scale has overcome the Fibonacci reaction level of 271.0%, that is, there will be no correction of the oscillator (and price) (in relation to the risk-reward category).

The price has settled under the target level of 1.1600 on a four-hour scale. The double convergence of the price with the Marlin Oscillator has been broken and re-formulated into a single one with the prospect of a medium-term downward movement.