FX.co ★ Forecast for GBP/USD on June 26, 2023

GBP/USD:

The British pound is slightly gaining this morning after the bulls successfully confronted their opponents in approaching the target support level of 1.2678. The signal line of the Marlin oscillator is slowly turning upward, which indicates that there is still a potential to decline.

The main goal in the near term is to settle below 1.2678, which would not only open up the immediate support level at 1.2600 but also the MACD line at 1.2515, as 1.2678 is a strong level. A breakout above 1.2785 may push the pair to 1.2870, presenting an alternative scenario.

On the four-hour chart, the price is trying to reach the target level at 1.2785, where the MACD line is located. Therefore, if the situation develops according to the most plausible scenario, then there's a good chance of a reversal into a new downward wave towards 1.2600 and then to 1.2515.