FX.co ★ Forecast for GBP/USD on August 19, 2024

Last Friday, the British pound rose by 88 pips, but on low volumes—the lowest in the past month and a half. Given this sentiment, investors might reconsider pushing the price up to the upper boundary of the price channel (1.3160 or higher).

The price may only reach the level of 1.3080 and then reverse from it, showing a divergence with the Marlin oscillator. If the price can consolidate above 1.3080, the upward movement will continue.

The 4-hour chart already shows signs of divergence. However, these signs are not yet confirmed; the oscillator's decline might only be a pressure release before further growth. In the main scenario, we are waiting for the price to reach the level of 1.3080, where the main events will take place.