01.03.202407:13 Forex Analysis & Reviews: Forecast for GBP/USD on March 1, 2024

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GBP/USD:

Yesterday, the British pound diligently reached the target level of 1.2610, as prescribed by the main scenario. This morning, the price is correcting higher, but if it manages to gather momentum and overcome the support level, the pair could reach the next bearish target of 1.2524.

The Marlin oscillator is not in a rush and has paused just before the border of the downtrend territory. To resume the upward movement, the quote needs to rise above the MACD line (1.2680) or above yesterday's high.

On the 4-hour chart, the price has settled below the MACD indicator line, with Marlin in the descending half. If the price consolidates below 1.2610, it will be a sign and condition for further decline to the target level of 1.2524. A sign of an attack on 1.2680 will be the price overcoming the MACD line around the 1.2647 mark.

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