FX.co ★ Forecast for GBP/USD on September 28, 2023

GBP/USD

Over the course of Wednesday, the British pound fell by 24 pips, settling below the embedded line of the price channel. The Marlin oscillator is showing an upward reversal within its own descending channel. A break above may synchronize with the price returning above the price channel line (1.2190), giving the pound a strong bullish momentum.

The current daily candle is already on the 9th Fibonacci time zone line, but we expect the pair to rise on Monday when we officially receive an announcement that some government services in the United States will be closed.

On the 4-hour chart, a convergence is developing between the price and the oscillator. The price may advance even further once it surpasses the resistance of the MACD indicator line (1.2196), which is close to the daily price channel line. The price will likely consolidate near these levels today.