FX.co ★ Forecast for GBP/USD on March 6, 2024

GBP/USD

Yesterday, the British pound tried to reach the target resistance at 1.2745 but fell a bit short. Now, the price is returning below the MACD indicator line on the daily time frame.

The price does not necessarily have to reach the target level in order to reverse the trend. At the moment, it is within an extended range of 1.2610-1.2745, where a trend reversal can happen at any point. The main signal will be the price settling below the MACD line. The Marlin oscillator is turning down. The first target is the support at 1.2610.

On the 4-hour chart, the MACD line, located near the level of 1.2670 – yesterday's low, is a significant obstacle. Once the price overcomes this mark, it can reach 1.2610. At the same time, once the price overcomes 1.2670, the Marlin oscillator's signal line may fall below the zero line. This will strengthen the bearish momentum.