FX.co ★ Forecast for GBP/USD on July 31, 2024

GBP/USD

Yesterday, the British pound fell below the 1.2847 support level, as it did on Monday, but this time, the pair closed the day below that mark. The Marlin oscillator went a bit deeper into the downtrend territory. Visually, the price is gradually moving towards its target of 1.2755, and then it will face resistance from the MACD line around the 1.2722 level.

Today, the FOMC will announce its monetary policy decision. Tomorrow, the July PMI ISM will be released, and on Friday, the July U.S. employment data will come out. Therefore, increased market activity is likely until the end of the week.

On the 4-hour chart, the Marlin oscillator's signal line converges into a wedge at the zero line. Since the price is moving below the balance line and the MACD line, a bearish breakout of both the oscillator and the price is most likely.