FX.co ★ Forecast for GBP/USD on February 29, 2024

GBP/USD

Yesterday, the British pound almost reached the target support at 1.2610. The day closed with a black candle, and the price fell below both indicator lines on the daily chart. We hope that the price will not return above the MACD line (1.2677), because in this case, the pair may follow an alternative scenario, with the target level at 1.2745.

The Marlin oscillator is still in the bullish territory, so it is quite difficult to expect the price to move towards the first target of 1.2610. Overcoming this level will pave the way for the price to reach the target at 1.2524.

On the 4-hour chart, the price is entangled in the indicator lines. The Marlin oscillator is in the downtrend territory, pulling the short-term trend to the bearish side. To solidify the trend, the price needs to drop below the support of the MACD line, below the 1.2640 mark. In this case, the pound will make another attempt to overcome 1.2610.