FX.co ★ Forecast for GBP/USD on December 1, 2023

GBP/USD

Yesterday, the British pound fell by more than 70 pips under the general pressure of the dollar (0.74%), surpassing the support level of 1.2645. The signal line of the Marlin oscillator touched the lower band of its own inclined channel and now it seems that it intends to turn upward from this mark. The price has already risen above 1.2645.

The bulls are not losing control of the situation and can continue to push the price towards the target of 1.2745 and even up to 1.2837. However, if external markets show weakness again, and the pound consolidates below 1.2645 by today, with the Marlin oscillator moving down from the channel, the price will continue to fall to the target support at 1.2524.

On the 4-hour chart, the price successfully attacked the support of the MACD line, and took note of its weakness. If the current conditions are suitable for a decline, it can easily breach this mark again. The Marlin oscillator is still in the bearish territory. It is crucial for the price to settle above 1.2645, and then Marlin will rise above the zero line. In order to implement the decline, the price needs to consolidate below the specified level.