FX.co ★ Forecast for GBP/USD on December 29, 2023

GBP/USD

Yesterday, the British pound fell short of hittin the target level of 1.2837 by just 11 pips and dropped below the support at 1.2745. This morning, the price is trying to climb back above 1.2745. This reversal coincides with the bullish reversal of the signal line of the Marlin oscillator from the zero line. Synchronizing signals increases the chances of an upward movement. The first target is 1.2837, and the next one is 1.2930.

On the 4-hour chart, there is also a bullish reversal of the signal line of the oscillator from the zero line. The bulls must settle above 1.2745.

If it manages to do so, the target will be 1.2837. Take note that when the pair fell on Thursday, the quote remained above the balance indicator line, indicating the corrective nature of this movement.