logo

FX.co ★ Forecast for GBP/USD on August 8, 2024

Forecast for GBP/USD on August 8, 2024

On Wednesday, the British pound made a corrective attempt to rise, where it encountered strong resistance at the balance and MACD (1.2727) indicator lines and retreated to the day's opening level. The price consolidated below the indicator lines, and the Marlin oscillator is working on its downward trajectory.

Forecast for GBP/USD on August 8, 2024

The price is headed toward the support level of 1.2633. Consolidating below this level would open the target of 1.2517 (the February 5 low). The 4-hour chart shows that the pair's rise was relatively small after the convergence, as the pound met with higher-scale resistance.

Forecast for GBP/USD on August 8, 2024

However, there is now a risk of forming a double convergence, which may occur after working through the target support at 1.2633. We do not yet anticipate a market reversal, so we expect horizontal movement in the range of 1.2633-1.2727 in the event of such double convergence.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account