FX.co ★ Forecast for GBP/USD on October 13, 2023

GBP/USD

GBP/USD lost 140 pips and fell towards the embedded line of the price channel, which indicates the strength of the resistance level of 1.2307. Meanwhile, the Marlin oscillator turned upward from the downward trend.

If today's daily candle does not turn white, the decline may continue to 1.2070, with a risk of developing a medium-term downward movement to 1.1900. If it does, the pair may rise to 1.2444, where it will encounter the MACD line.

On the four-hour timeframe, the price returned above the MACD and balance lines, while the Marlin oscillator shifted to bearish. A consolidation above the MACD line will be the first sign of the return to an upward movement.