12.12.202405:17 Forex Analysis & Reviews: Forecast for GBP/USD on December 12, 2024

Relevance up to 21:00 2024-12-12 UTC--5

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After yesterday's moderate decline (an attempt to test the 1.2708 support), the pound sterling is again pressing against the resistance levels of the balance indicator line and the MA34. The Marlin oscillator is moving sideways but trending upward. The price signals its intent to target the 1.2906 level, where it may encounter the MACD line on the daily chart.

If the euro fails to exhibit strong movement following today's European Central Bank meeting, the pound will likely break above current resistance levels and enter the 1.2816/47 range. However, if this plan does not materialize, a move below 1.2708 could lead the pair to test the 1.2616 level, marking the December 2 low.

On the 4-hour chart, yesterday's brief move of the Marlin oscillator into negative territory appears to have been a false signal, as it has since returned to the growth zone this morning. The balance line firmly supports the price, while the stronger MACD line (blue) lies just below.

The trend remains upward, with the key question being whether the price can break through the daily resistance levels. A break below 1.2708 on the H4 chart would indicate that the pound has chosen a downward trajectory.

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