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

Forecast for GBP/USD on October 8, 2024

On Monday, the British pound tried to break below the 1.3090 support level for the second time. However, the attempt failed on Friday, and the day closed above this level. Today began with growth, and the Marlin oscillator is slowly turning upward.

Forecast for GBP/USD on October 8, 2024

The next immediate goal for the price is to break through the 1.3141 resistance, just above which the MACD line is rising. Despite the price consolidating below the MACD line, further decline is unlikely due to the approaching Hurricane "Milton" in the U.S.

Forecast for GBP/USD on October 8, 2024

On the four-hour chart, the Marlin oscillator is close to entering the growth zone. Once it transitions, the pound may continue its rise with more confidence. However, the growth will likely be slow since, after overcoming 1.3141, the price will face another strong level at 1.3220, supported by a smaller-scale MACD line.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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