09.08.202405:06 Forex Analysis & Reviews: Forecast for GBP/USD on August 9, 2024

Relevance up to 23:00 2024-08-09 UTC--4

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Yesterday, the pound sterling increased by 58 pips, overcoming the MACD line and stopping at the balance line. Also, the price is facing a target resistance level of 1.2755.

Overcoming this will pave the way to the next target of 1.2847. This level is close to the 50.0% retracement. When the price reaches this level, the Marlin oscillator will be on the zero line, so a trend reversal into a new wave of medium-term decline is possible.

As we anticipated yesterday, the price and oscillator formed a double convergence in the 4-hour chart, albeit in a peculiar way with a break. Nevertheless, bullish momentum has been obtained, and support has been provided. Thanks to this, the price has risen above the MACD indicator line. It remains to consolidate above 1.2755, and then the price can continue to rise towards the target of 1.2847.

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