20.08.202405:28 Forex Analysis & Reviews: Forecast for GBP/USD on August 20, 2024

Relevance up to 23:00 2024-08-20 UTC--4

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On Monday, the British pound reached the first target of 1.2995. The Marlin oscillator showed rapid growth in this last area, so if the price reaches the 1.3080 level, there may be no divergence—the oscillator's signal line might surpass the peak from July 12-17 (0.0198).

The absence of divergence will not prevent the price from effectively reversing from the current levels, as weak divergence was observed from May to July. If the price consolidates above the achieved level and moves towards 1.3080, a reversal may occur at that level, forming a different technical pattern. Alternatively, the rise might continue up to 1.3160.

The divergence in the 4-hour chart is the basis for a price reversal today. However, this signal lacks a confirming element, so it is easier for the price to continue rising rather than start forming additional reversal signals today.

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