08.10.202404:51 Forex Analysis & Reviews: Forecast for GBP/USD on October 8, 2024

Relevance up to 22:00 2024-10-08 UTC--4

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On Monday, the British pound tried to break below the 1.3090 support level for the second time. However, the attempt failed on Friday, and the day closed above this level. Today began with growth, and the Marlin oscillator is slowly turning upward.

The next immediate goal for the price is to break through the 1.3141 resistance, just above which the MACD line is rising. Despite the price consolidating below the MACD line, further decline is unlikely due to the approaching Hurricane "Milton" in the U.S.

On the four-hour chart, the Marlin oscillator is close to entering the growth zone. Once it transitions, the pound may continue its rise with more confidence. However, the growth will likely be slow since, after overcoming 1.3141, the price will face another strong level at 1.3220, supported by a smaller-scale MACD line.

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