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

GBP/USD

On Friday, the British pound showed a trading range of more than 90 pips, piercing the resistance level at 1.2525 (38.2% Fibonacci) with the upper shadow of the daily candle, but ultimately closing the day down by 20 pips.

This morning, the price is approaching the intermediate resistance, but it has a low chance of surpassing 1.2525 because the Marlin oscillator is suggesting that it may reverse from the border of the uptrend territory. Our main scenario is bearish with the nearest target at 1.2427.

On the 4-hour chart, the Marlin oscillator is already close to the border of the downtrend area. We are waiting for the price to return below the MACD indicator line, which is moving almost horizontally just above the level of 1.2427, after some contemplation. Breaking the support opens up the target of 1.2370.