16.07.202404:48 Forex Analysis & Reviews: Forecast for GBP/USD on July 16, 2024

Relevance up to 22:00 2024-07-16 UTC--4

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GBP/USD

On the day chart, the price and the Marlin oscillator formed a weak, but quite effective divergence, which, under other favorable circumstances, can produce a downward trend in the medium-term.

First, we are waiting for the price to reach the target support at 1.2847. If the pound is able to consolidate above the level of 1.2989, then it will continue to rise to the target range of 1.3124/41. This will be an alternative scenario.

On the 4-hour chart, the signal line of the Marlin oscillator is quickly approaching the border of the downtrend territory. Marlin is trying to get involved in order to quickly help the price overcome the MACD line near 1.2892.

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