FX.co ★ Forecast for GBP/USD on April 3, 2023

On Friday, the pound fell exactly from the target level of 1.2420. The depth of the fall was 53 points. The signal line of the Marlin oscillator goes down from the graphic flag, which it formed. Visually, this signal line will reach the zero line when the price reaches the target support at 1.2155.

I expect a correction from the level. To consolidate in this short-term decline, the price should overcome the support of the MACD line (1.2282).

The current downward movement is based on the fact that on Friday, the pound fell due to the revision of the Q4 GDP from -0.3% to 0.1%, i.e. on the formal optimistic background.

On the four-hour chart, the price fell below the MACD line and Marlin has entered the area of the downtrend. I expect the price to overcome the important support at 1.2282 and its further downward movement.