FX.co ★ Forecast for GBP/USD on August 29, 2023

GBP/USD

On Monday, the British pound gained 21 pips. This morning, the pound's gains in the first hours of the Asian session alone amounted to the same amount. The price convergence with the Marlin oscillator on the daily chart has finally formed, the pound is aiming for the first target at 1.2684.

Consolidating above this level will open the target range of 1.2799-1.2814 (the peak of August 10th). The MACD line is in this range. On the four-hour chart, the Marlin oscillator is eager to leave the downtrend territory. The price is advancing towards 1.2684. The MACD line is slightly below this level, but is already starting to turn upwards. And when the price goes above the level, this will mean surpassing the MACD line, creating favorable conditions for further growth.

This evening, the US Consumer Confidence Index for August from the Conference Board is expected to fall from 117.0 to 116.0. This provides an external premise for the pound to rise.