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

GBP/USD

The British pound started to rise at the 9th Fibonacci timeline on the daily chart. The price broke through the resistance of the embedded price channel line, and it opened the day above this line, indicating the pound's intention to continue the trend that started yesterday.

The signal line of the Marlin oscillator has left its own channel and has started to move upward. The previous move below the price channel line is a false move, providing prospects for solid growth. The nearest target is 1.2307. The pair may continue to rise further towards the point of intersection of the target level at 1.2444 with another embedded line of the global price channel.

On the 4-hour chart, the price started to slow down its upward movement at the MACD line. The Marlin oscillator continues to rise, helping the price overcome the resistance it reached. The price needs to climb above the balance line (yesterday's high) in order to confirm the uptrend.