FX.co ★ Forecast for GBP/USD on August 3, 2023

GBP/USD

The bears on the British pound managed to significantly strengthen their position - yesterday it fell by 64 pips, and the price broke below the MACD line, the balance line, and the target level of 1.2720.

Now, the nearest target is 2.6666, and then the next goal may be 1.2590. After testing the support level at 2.6666, there might be a retest of the MACD line (slightly above 1.2720) from below, after which the downtrend may resume.

On the four-hour chart, the price is falling below both indicator lines, the Marlin oscillator is in the downtrend territory, and there are no signs of a reversal yet. We are waiting for the price to reach the first target of 1.2666.