FX.co ★ Forecast for GBP/USD on August 2, 2023

GBP/USD

Pound's decline slowed, which led to the MACD line rising above the target level of 1.2720. The balance line also turned upwards.

If sellers remain inactive today or tomorrow, a correction may occur to one of the Fibonacci levels: 1.2893, 1.2940, 1.2988.

So, for further decline to develop, the pair needs to overcome not only yesterday's low, which coincides with the MACD line, but also the target level of 1.2720.

On the four-hour chart, the pair trades below the balance line. The Marlin oscillator slipped into negative territory, while the MACD line gave another landmark for an upward correction - 1.2900.

Not far from this lies the 38.2% retracement level - 1.2893.

Despite the bearish trend, the pair has all the opportunities to rise above 1.2720.