FX.co ★ Forecast for GBP/USD on July 2, 2024

GBP/USD

Yesterday, the British pound reached the intermediate target of 1.2701 on its way to 1.1745, but as expected, it lacked the strength to rise further. The reverse movement turned out to be even stronger. At the moment, the price is at Friday's opening level.

Now, in a relatively calm pre-holiday market, the price may struggle with the Kijun-sen line and the support level at 1.2596. In addition, the Marlin oscillator's signal line is starting to turn from the upper boundary of its descending channel.

On the 4-hour chart, the price consolidated below the descending balance and Kijun-sen indicator lines. The Marlin oscillator has entered negative territory and is heading towards the lower boundary of the ascending channel. We expect gradual progress on the downward movement with an attempt to consolidate below the support at 1.2596.