FX.co ★ Forecast for GBP/USD on August 16, 2023

GBP/USD

The British pound has stayed within the 1.2666-1.2720 range, but this time the exit occurred in the upper shadow. The 23.6% correction level acted as a limiting factor. The price will probably try to mark the August 3rd and 14th lows, and under favorable circumstances, consolidate below 1.2666 to reach 1.2590.

The Marlin oscillator continues to consolidate in a narrow range on bearish territory. It is possible for the price to reverse to the upside, although the chances of it are decreasing every day. In order to build a deep correction, the price needs to settle above 1.2720, then overcome the MACD line around 1.2780.

On the four-hour chart, the price failed to settle above the balance line, returning to 1.2666. The MACD line enhances this level. The Marlin oscillator helped the bears just in time - it is already in the negative territory.