FX.co ★ Forecast for GBP/USD on July 27, 2023

GBP/USD:

The results of yesterday's FOMC meeting did not fuel the pound, but it did not add pressure on it either. The pound is probably waiting for some other events, and one of the most important ones will be the European Central Bank's interest rate decision.

The price is heading towards the nearest target level of 1.3034, helped by the Marlin oscillator, which has settled in positive territory. Breaking through 1.3034 will allow the price to continue rising to the upper band of the 15-year descending channel (1.3138). It seems that the price is willing to break above this channel.

On the four-hour chart, the price is approaching the resistance of the MACD line (1.2975), consolidating above the balance indicator line (red), indicating a shift in market players' interest towards buying. Overcoming the MACD line opens up the target of 1.3034. The Marlin oscillator is rising in the uptrend territory.