FX.co ★ Forecast for GBP/USD on October 17, 2023

GBP/USD

Amidst a general increase in risk appetite and a weak US dollar, the British pound gained 73 pips, surpassing the resistance of the nearest embedded price channel line. On the daily chart, the Marlin oscillator has entered the uptrend territory.

The price currently has the potential to rise toward a strong level around 1.2444, where linear resistances converge with the MACD indicator line. Levels 1.2307 and 1.2367 serve as intermediate ones.

On the 4-hour chart, the price has stayed above the MACD line, and the Marlin oscillator is approaching the border of the bullish territory. However, until it overcomes this mark, the price may start a sideways trend in the short-term, appearing as a form of consolidation before the pair grows further. The price channel line at 1.2170 (daily) acts as support for this consolidation. If the price settles below this level, it may create problems for the bulls, and there is a possibility of the price falling even further to 1.2070.