FX.co ★ Forecast for GBP/USD on August 21, 2023

GBP/USD

On Friday, the British pound tried to reach the target support level of 1.2666, but by the end of the day, the price confirmed its consolidation above the level of 1.2720. The signal line of the Marlin oscillator went up from its own consolidation range.

Not only will the price try to reach the resistance of the MACD line at 1.2792 but it also aims to consolidate above it. If it succeeds in doing so, it can rise to the Fibonacci level of 50.0% at the price of 1.2880. An alternative scenario is implemented after the price settles below 1.2666 - the target of 1.2590 becomes available.

On the four-hour chart, the signal line of the oscillator is consolidating above the zero line, indicating an impending rise. The price has consolidated above the balance and MACD lines. The pair currently holds an uptrend.