FX.co ★ Forecast for GBP/USD on August 4, 2023

GBP/USD:

Yesterday, the pound descended to the target level of 1.2590, but in the second half of the day, the bulls took action and returned it to its initial position. This morning, the price surpassed the resistance level at 1.2720 and is preparing to test the strength of the balance and MACD indicator lines (1.2745).

Succeeding in doing so will allow the price to continue rising to the level of 1.3034. The Fibonacci grid is not very accurate in this case, showing intermediate resistance around 1.2880 (50.0%). If the price fails to stay above 1.2745, there may be an attempt to test 1.2590 again.

On the 4-hour chart, staying above 1.2745 may move the Marlin oscillator into the positive territory. Then, Marlin will support the uptrend.