FX.co ★ Forecast for GBP/USD on March 8, 2023

Under pressure from the dollar's widespread attack, and a massive withdrawal from risk, the pound declined by 200 points yesterday. The support level of 1.1914 was left far behind. The signal line of the Marlin oscillator, as we expected, came out of its own wedge to the downside.

The price is now heading towards the nearest support at 1.1737, the high on September 13, 2022. Overcoming the level will open the 1.1644 target, the high of October 27.

On the four-hour chart, the Marlin oscillator is reversing upward. It has penetrated deep down, though not into the oversold zone, now it needs a slight release to resume a more confident decline. A consolidation under yesterday's low (1.1820) will allow the price to move even closer to the target level.