FX.co ★ Forecast for GBP/USD on October 22, 2024

Under pressure from external markets, the British pound fell by 68 pips yesterday, slipping below the support level of 1.2994. The Marlin oscillator does not show a solid inclination to rise, making the lower boundary of the price channel around the 1.2923 mark the primary target.

A break below this line opens the way to the 1.2859 target—the high from June 12.

The price has moved below the MACD line and the 1.2994 support level on the four-hour chart, consolidating there.

The Marlin oscillator has also returned to the bearish territory. If, for any unexpected reason, the price fails to break back above the resistance lines, the decline will continue according to the main scenario.