FX.co ★ Forecast for GBP/USD on October 2, 2023

GBP/USD

On Friday, the British pound struggled to break away from the support of the embedded line of the descending price channel. It was quite challenging to reverse the trend from the 9th Fibonacci timeline, but the main scenario persists.

The Marlin oscillator is rising ahead of the price and is providing support for this reversal. If the session closes with a white candlestick, it will be a reversal point from the price channel line and it could send the pound towards the level of 1.2307. The pound may further rise towards the target level of 1.2444.

On the 4-hour chart, the price has stalled a bit at the MACD line and is now trying to rise. The Marlin oscillator has indicated an upward reversal in the positive territory. To continue the upward movement, the price simply needs to settle above the MACD line.