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

GBP/USD

The British pound is slightly rising from the support level at 1.2847. The Marlin oscillator hovers around the zero line, indicating sideways movement. Traditionally, to confirm the direction of the trend, traders need to wait for the price to settle below a certain level. However, with the FOMC meeting approaching, the pair may immediately breach the support at 1.2847. The target is 1.2755, and the MACD line is approaching it.

A breach of this level, along with the MACD line, will be a final sign that the market has chosen a downward direction. Conversely, overcoming the resistance at 1.2989—which corresponds to the support from March-April 2022 and the resistance from July 2023—will be a sign of medium-term growth.

On the 4-hour chart, the price is consolidating above the support level of 1.2847. The Marlin oscillator is starting to move sideways along the neutral zero line. The price shows progress below the balance line, which indicates a bearish bias. In addition, the MACD line has turned downward, showing a short-term bearish trend.