FX.co ★ Forecast for GBP/USD on August 1, 2023

GBP/USD

Pound declined slightly on Monday, which kept the Marlin oscillator in a downward direction. However, it seems to be preparing to overcome the balance indicator line (in red) this morning, most likely aiming to advance towards the first target at 1.2720.

If the price manages to consolidate below this level, it will break through the MACD line (in blue) and move towards the June 29 low at 1.2590.

On the four-hour chart, the pair trades below the lower boundary of the range (1.2839) and the balance indicator line, shifting the short-term trend towards selling. The Marlin oscillator also moved into negative territory, indicating a bearish trend.

In the event of an unexpected breakout above the upper boundary of the range (1.2903), the price increase could be stopped by the MACD line (1.2937).