04.09.202405:27 Forex Analysis & Reviews: Forecast for GBP/USD on September 4, 2024

Relevance up to 22:00 2024-09-04 UTC--4

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On Tuesday, the British pound re-entered the target range of 1.3095-1.3120. This happened the first time on August 30th; yesterday, the lower shadow pierced the lower boundary of this range.

Consolidating below this range allows the pound to reach the price level of 1.2994. Near this level lies an embedded line of the price channel. Following that, we may observe a struggle between the price and the support of the MACD line in the daily time frame (around the 1.2920 mark).

In the 4-hour chart, the price is gradually consolidating within the 1.3095-1.3120 range. The signal line of the Marlin oscillator is moving almost horizontally, so we expect the price to break below this range soon, which is in line with the main scenario.

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