FX.co ★ Forecast for GBP/USD on August 14, 2024

On Tuesday, the British pound made significant progress by surpassing the target level of 1.2847 and breaking above the balance indicator line. At the same time, the Marlin oscillator moved into an upward trend territory.

In combination, this opens up a promising outlook for further advancement towards the target range of 1.3124/41, or even higher, towards the 1.3195 level. Overall, the price aims to reach the upper boundary of the green price channel.

In the 4-hour chart, the price has settled above the 1.2847 level. The Marlin oscillator has slightly bent downwards to relieve pressure before further growth. The price is likely to undergo a minor consolidation above the breached level.