FX.co ★ Forecast for GBP/USD on August 31, 2023

GBP/USD:

The British pound grew by 0.57% yesterday, leading gains. On the daily chart, the price has reached the balance indicator line. The price can now reach the 1.2799-1.2814 target. Even if it doesn't surpass the balance line, it can still enter the target range.

The subsequent trend will depend on the result of the price's interaction with the MACD line - whether the price can stay above it or not. The signal line of the Marlin oscillator is trying to breach the zero line. If it fails to do so, a correction below 1.2684 might occur, where the pound will be in a tentatively neutral position awaiting tomorrow's US employment data.

On the four-hour chart, the price is steady above both indicator lines and continues to rise. The Marlin oscillator is moving horizontally, which you should be cautious about. A slight correction might occur.