FX.co ★ Forecast for GBP/USD on June 13, 2023

GBP/USD

Yesterday, the British Pound fell by 66 pips, breaking the support of the balance indicator line on the daily chart. This means that investors currently prefer selling over buying. The Marlin oscillator is approaching the border of the downtrend territory. To confirm a full recovery of the medium-term downtrend, the price needs to surpass the MACD line (1.2415).

On the four-hour chart, the price has breached the intermediate support level at 1.2533/43, and its next target is the support level at 1.2457. This level is reinforced by the MACD indicator line.

The price divergence with the oscillator has played out, and the Marlin signal line is already in negative territory. The price is ready to test 1.2457, and we are waiting for a signal from external (economic) factors.