05.07.202405:15 Forex Analysis & Reviews: Forecast for GBP/USD on July 5, 2024

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GBP/USD

Following the broad market movement on Thursday, the British pound rose above the resistance level of 1.2745 and the daily balance line. Meanwhile, the Marlin oscillator has entered the upward trend territory. The next target is 1.2826.

Everything seems positive, but today the U.S. labor data will be released, which could disrupt the upward movement. For this to happen, risk-off sentiment must prevail. We will learn more in the evening. On the 4-hour chart, the price is rising above the level of 1.2745.

The Marlin oscillator does not support this growth, creating the risk of a price reversal. If the price consolidates below 1.2745, the first support will be the former resistance area from June 18-19 around 1.2705/10. After that, we expect the price to fall to the MACD line around 1.2680, which coincides with the May 30 low.

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