FX.co ★ Forecast for GBP/USD on October 3, 2024

The British pound fell by 18 pips yesterday. Despite the situation's increased criticality, the threat of breaking through 1.3220 and the lower boundary of the wedge has not increased.

We had previously anticipated a test of the wedge's trendline, but with the possibility of a reversal back to its upper boundary, even without thoroughly testing it. There is a potential for a 260-pip rise. The signal line of the Marlin oscillator has reached the lower boundary of its range. In such a situation, a quick test of 1.3220 followed by a reversal upward is possible.

On the four-hour chart, Marlin is rising in the negative zone. The price is moving freely between the levels of 1.3220 and 1.3300. We will see where this leads. The main scenario is upward, with a wait-and-see position.