FX.co ★ Forecast for GBP/USD on July 28, 2023

GBP/USD

Under the influence of a powerful dollar rally, the British pound lost 145 pips yesterday. The price found support on the daily balance indicator line. If the price breaks yesterday's low (1.2781), the next target will be 1.2720. This target level is reinforced by the MACD indicator line, so there is a risk of a reversal into an uptrend in the medium-term.

In case the price goes below the second target level at 1.2666, the next target will be 1.2533 - the embedded line of the global price channel. The Marlin oscillator is going down, which shows that there is a high probability that the current situation will lead to a price decline.

On the four-hour chart, the price showed a false breakout above the MACD line yesterday, and this morning it has already settled below the balance indicator line, shifting trader interest towards selling. Marlin has entered negative territory, indicating a short-term downtrend.