FX.co ★ Forecast for GBP/USD on August 7, 2023

GBP/USD:

On Friday, the British pound closed the day at the MACD indicator line and the Fibonacci correction level of 23.6%. It tried to rise towards the 38.2% retracement level. This was likely an initial attempt at corrective growth.

Today, it opened above the aforementioned levels, which creates the prerequisites for further growth. The target of the correction is the 50.0% Fibonacci level at the price of 1.2880. The Marlin oscillator is rising.

On the four-hour chart, the balance line acted as sturdy resistance on Friday. The signal line of the Marlin oscillator settled in the positive territory, helping the price overcome the nearest obstacles, including the MACD line (1.2812).