FX.co ★ Forecast for GBP/USD on October 27, 2023

GBP/USD

On Thursday, the British pound reached the target support level at 1.2070, with the lower shadow, and closed the day slightly higher, despite strong U.S. economic data and losses in the stock market (FTSE100 -0.81%, S&P 500 -1.18%). This is a relatively stable sign that indicates the pound's growth.

To confirm this, the price needs to overcome the nearest resistance level, which is the price channel line at 1.2153 in the current situation. If the price consolidates above this level, it can rise towards the target at 1.2307. The MACD line (the blue moving average) is approaching this level and the Marlin oscillator is already in the positive territory.

On the 4-hour chart, the Marlin oscillator is close to moving into the bullish territory. Once it does, it will help the price climb above the resistance level at 1.2153, and eventually, above the MACD line at 1.2180.