09.07.202405:16 Forex Analysis & Reviews: Forecast for GBP/USD on July 9, 2024

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GBP/USD

The British pound, with the upper shadow of the daily candle, has almost reached the target level of 1.2847 and is now ready to turn towards the MACD line, currently at the support level of 1.2633. The Marlin oscillator is declining, and once it falls below the zero line, the price will be able to easily break through the support level of 1.2755 and reach the 1.2633 level.

If the price consolidates above 1.2847, an alternative scenario will unfold with a target at 1.2975. On the 4-hour chart, the price is declining under the pressure of a double divergence that is not quite strong.

The Marlin oscillator is in a hurry to move into the downtrend territory. We expect the price to reach the first target level of 1.2755. After that, the price will struggle with the MACD line around the 1.2727 mark.

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