FX.co ★ Forecast for GBP/USD on July 14, 2023

GBP/USD

The British pound has approached the upper band of the global downward price hyperchannel, which began in November 2007. Slightly above the border of this channel is the target level of 1.3180. It is very likely that such strong resistance will prevent the price from continuing speculative growth, but there are no signs of it ending yet.

Perhaps, in the process of the pound's struggle with 1.3180, these signs will appear, this will take several days. Moreover, if the price consolidates below the nearest support level of 1.3034, this will not indicate that the target level of 1.2666 is within reach, this entire zone of 1.2666-1.3034 can be attributed to the territory of the price moving sideways, unless the oscillator and other indicators show otherwise.

On the four-hour chart, the intention to reverse is only shown by the Marlin oscillator. But it is still a leading instrument, and within the framework of the current movement it was ahead of the price. The price will probably show a correction, even if it wants to fight with 1.3180. The bears will find relief if the price moves below the MACD line, but it is still far below (1.2905). We are waiting for the market to cool down and at the same time a clarification of the situation.