FX.co ★ Forecast for GBP/USD on September 4, 2023

GBP/USD

Following the general market trend, the British pound closed Friday down by 83 pips. The price is heading towards 1.2547. Overcoming the support level allows the price to reach the target at 1.2447. If it falls further, it may even reach the 1.2307 target (May 26th low).

The Marlin oscillator is declining at an angle of more than 45 degrees. In the current situation, support at the price channel's embedded line around 1.2487 can be considered a secondary target.

On the 4-hour chart, the price has settled below the balance and MACD indicator lines, and the Marlin oscillator is sharply falling in the downtrend territory. A downtrend in the short-term period.