FX.co ★ Forecast for GBP/USD on March 4, 2024

GBP/USD

On Friday, the dollar index dipped by 0.29%, causing the British pound to gain 28 pips. This modest gain was enough to push the price to rise above the balance line of the daily chart and even turn the Marlin oscillator upwards.

Now, the price faces resistance at the MACD indicator line (1.2687). Breaking this level opens the target of 1.2745, the August 30, 2023 high. On the 4-hour chart, the price managed to settle above the MACD line this morning. The Marlin oscillator supports the boundary of the uptrend territory.

For now, nothing can stop the pound from challenging the resistance of the MACD line on the daily timeframe (1.2687). This can only be disrupted if the price returns below the support at 1.2610, which it failed to overcome (with consolidation) on Friday.