FX.co ★ Forecast for GBP/USD on September 11, 2023

GBP/USD

On the daily chart, this morning, the price has returned above the embedded price channel line (in green) due to convergence with the Marlin oscillator. However, since the price gap from the market opening has not been closed yet, the price might consolidate above the line only after a third attempt, considering Friday's upper shadow as the first attempt.

Following this, there will be five targets: 1.2547, 1.2615, 1.2684, 1.2715, and the range between 1.2799 and 1.2814. On the 4-hour chart, the price has broken out of the descending channel with the help of a rising Marlin oscillator. However, the oscillator itself has not turned bullish yet and there's also the fact that there is still a gap. These factors are holding back the upward movement.

The US will release its inflation report on Wednesday, which gives the market enough time to prepare, either for an increase or a decline. In order for the price to fall further, it needs to settle below 1.2447.