04.07.202405:14 Forex Analysis & Reviews: Forecast for GBP/USD on July 4, 2024

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GBP/USD

Yesterday, the pound closed the day up by 56 pips. The price eagerly breached the target level of 1.2745. Currently, GBP/USD is precisely at the 1.2745 level. The signal line of the Marlin oscillator has reached the boundary of the upward trend territory and, in the absence of an impetus, will follow the path of least resistance, which means that it will fall. Considering that the US is celebrating a holiday, the pound might have stopped rising, so we can expect the price to pull back from the resistance level today.

If this anticipated pullback continues tomorrow after the release of the US employment data, we expect the price to reach the target support at 1.2596, which is the January 17 low. If the price closes above 1.2745 today, it will increase the likelihood of rising to the target resistance at 1.2826 tomorrow.

On the 4-hour chart, the price is showing progress above the balance and MACD indicator lines, but it has moved far away from them. The Marlin oscillator senses this and is already declining. The support will be the area in the range of 1.2705/10, marked on the chart with a gray stripe around the July 1 peak.

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