FX.co ★ Forecast for GBP/USD on October 29, 2024

The British pound is pressing more firmly against the 1.2994 resistance level, with the Marlin oscillator moving higher and pulling further away from its October 23 low. A firm hold above 1.2994 would open up a target at 1.3080—a goal the pound may reach before the presidential exit polls.

If the price falls below the lower boundary of the price channel at 1.2927, it may face another push down to 1.2859. However, this is an alternative scenario under current conditions.

On the four-hour chart, the price failed to consolidate above the balance indicator line yesterday, making it a target for today. A consolidation above this line would shift market sentiment toward buying, making the 1.3080 target accessible. The Marlin oscillator has already supported this move by consolidating in positive territory.