FX.co ★ Forecast for GBP/USD on July 22, 2024

GBP/USD

On Friday, the pound sterling fell by 30 pips. This morning, the price started a minor correction. A drop below Friday's low (1.2900) will strengthen the move toward the target support at 1.2847.

By then, the Marlin oscillator will likely reach the zero line, making 1.2847 a key level in determining the price's future direction—either a return above 1.2989 or a breakthrough to 1.2633.

On the 4-hour chart, the price has consolidated below the balance and MACD indicator lines, with the Marlin oscillator having moved onto a downward trajectory noticeably earlier and it even managed to correct slightly higher. Now, a brief consolidation in the July 11-12 range (gray rectangle) is possible, after which the decline toward the nearest target of 1.2847 will resume.