FX.co ★ Forecast for GBP/USD on June 12, 2024

GBP/USD

On the daily chart, yesterday's lower shadow gives the price an opportunity to rise today and even tomorrow, attempting to break through the resistance at 1.2745. This would provide a favorable starting position ahead of the Federal Reserve's rate decision.

The primary task is to overcome the Kijun-sen line (1.2638) and consolidate above it in order to advance towards the target ranges of 1.2424/65 and 1.2307/55. The Marlin oscillator remains above the boundary of the bearish trend territory, allowing for a retest of the 1.2745 level.

On the 4-hour chart, the price is approaching the resistance at 1.2745, supported by a rising Marlin oscillator. The correction limit might be the Kijun-sen line (1.2762). However, in anticipation of the Fed meeting, volatility may be moderate.