FX.co ★ Forecast for GBP/USD on December 16, 2024

On Friday, the British pound reached the target support level of 1.2616, while the Marlin oscillator tested the boundary of the downward trend territory.

A synchronized reversal of the price and oscillator from these supports could push the price toward the 1.2708 level as part of an emerging correction. However, if the price breaks and holds below the support, it could continue its downward movement toward the first target of 1.2510, followed by 1.2447—a significant low seen on May 9, September 7, and November 22, 2023, extending further into record lows.

On the H4 chart, both the price and the Marlin oscillator signal an upward reversal, but the next resistance levels are not immediately visible, and there is no additional resistance.

On the hourly chart, the Marlin oscillator has moved into positive territory. The price is approaching the MACD line around the 1.2655 mark. If the price consolidates above this level, it would have a much stronger potential to continue rising toward the target level of 1.2708.