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

GBP/USD

The British pound is on the verge of reaching the upper boundary of the global descending hyperchannel, as seen on the monthly chart.

The situation on the daily timeframe is more straightforward – after consolidating above 1.2826, the target is set at 1.2940. The Marlin oscillator is apprehensive about a strong resistance; otherwise, it would have moved downward a day or two before this point. There's a high probability of overcoming this resistance.

If the price does not breach this level, in order to ensure that the pair will fall, it must settle below the MACD line, below the 1.2715 mark. Today's U.S. employment data may push the pair in either direction.

On the 4-hour chart, the price is approaching the crucial level of 1.2826, and the signal line of the oscillator is slightly turning downward, but it is not yet in the overbought zone. We're waiting for the U.S. employment data for further guidance.