FX.co ★ Forecast for GBP/USD on July 17, 2024

GBP/USD

The pound showed a symbolic growth at the end of Tuesday, but the price divergence with the Marlin oscillator slightly increased. The price may not rise above the resistance at 1.2989, but instead it will fall towards the support level at 1.2847.

Yesterday, core sales for June rose 0.4%, retail sales remained flat in June 2024, unchanged from May. The US Q2 GDP forecast from FRB Atlanta was raised from 2.0% to 2.5%. It seems to be a good time for the dollar to turn around following good economic reports.

On the 4-hour chart, the Marlin oscillator signal line briefly went into negative territory. This morning, the Marlin came close to this boundary again. Overcoming the support of the MACD line (1.2912) opens the way to the target levels of 1.2847 and 1.2755.