FX.co ★ Forecast for GBP/USD on August 13, 2024

On Monday, the British pound settled above 1.2755 but failed to move firmly above the balance indicator line. With the Marlin oscillator turning downward, the price is comfortably neutral.

This neutral position might last until the release of employment data in England. An increase in unemployment, expected to rise from 4.4% to 4.5%, could trigger an attack on the support of the MACD line (1.2370). Breaking this support opens the target at 1.2633.

On the 4-hour chart, the pound's neutral position appears more detailed, with the price consolidating above support and the Marlin oscillator moving sideways. A consolidation below 1.2755 would allow the price to move towards the MACD line around the 1.2703 mark, provided the intraday MACD line is overcome beforehand.