01.10.202404:51 Forex Analysis & Reviews: Forecast for GBP/USD on October 1, 2024

Relevance up to 22:00 2024-10-01 UTC--4

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On Monday, the British pound was sharply precipitated during an attempt to rise to the magnetic point formed by the upper boundary of the wedge and the price channel line on the daily chart. However, the price was not pushed below the 1.3360 support. This means that attempts to rise may continue but at a more convenient time for strategic players. The target has slightly increased to 1.3478.

We still expect the market to turn decisively downward from the 1.3525 level. Since this level is only about 150 pips away, the price may wander freely for another month. Also, the signal line of the Marlin oscillator is in no hurry to leave the wedge-shaped formation. The longer it stays in it, the higher the likelihood of sideways movement (possibly within a range), canceling out the wedge.

On the four-hour chart, the price is starting to form a narrow consolidation above the 1.3360 support level. Marlin appears slightly depressed, creating a premise for an attack on the MACD line, located between the 1.3300 and 1.3360 levels.

In addition, after a brief pause in the oscillator, which is happening now, it may enter the positive area and, with renewed strength, continue the upward movement along with the price.

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