01.07.202405:00 Forex Analysis & Reviews: Forecast for GBP/USD on July 1, 2024

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GBP/USD

By the end of Friday, the British pound settled above the Kijun-sen line, which implies that the price is ready to rise further. However, this morning, the signal line of the Marlin oscillator reached the upper boundary of its own descending channel, from which it may turn down and pull the price back below the Kijun-sen line.

If Marlin continues to rise, the price will reach the next significant resistance level at 1.2701, the June 25 peak. On the 4-hour timeframe, the price has reached the resistance of the balance and Kijun-sen indicator lines, while the Marlin oscillator is contemplating the feasibility of entering the bullish territory. It is a good moment for a shift to a bearish trend.

However, if the price overcomes the resistance levels it reached and rises above Friday's peak, it has a chance to reach the local target of 1.2701. The Marlin oscillator could then reach the zero line on the daily chart, from which we are most likely expecting a downward reversal, of course, along with the price.

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