FX.co ★ Forecast for GBP/USD on January 8, 2024

GBP/USD

The British pound closed Friday with a solid 36-point gain. Now the price will attempt to consolidate above the level of 1.2745. If it succeeds, the price may rise towards 1.2837 and 1.2930, which is the upper band of the global price channel.

The Marlin oscillator is currently in the bearish territory, but it may soon enter the bullish territory, which could help the price overcome resistance levels.

On the 4-hour chart, the price has already consolidated above the balance and MACD indicator lines, and the oscillator has entered the positive territory.

The pair is following an uptrend. We are waiting for the price to settle above 1.2745 to confirm this bullish momentum. If the price consolidates below the MACD line, below 1.2708, it may be possible to retest the support at 1.2645.