24.07.202404:55 Forex Analysis & Reviews: Forecast for GBP/USD on July 24, 2024

Relevance up to 22:00 2024-07-24 UTC--4

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GBP/USD

On Tuesday, the British pound fell by 25 pips, with the Marlin oscillator moving downward. There are about 40 pips left to the support level of 1.2847, and by that time, Marlin may fall into negative territory.

In such a scenario, the pound might accelerate its decline towards the target level of 1.2755, where it will meet the Federal Reserve's decision on interest rates. On the 4-hour chart, the price has completed its sideways movement within the consolidation area of the gray rectangle.

The MACD line is at its peak and ready to turn downwards. The only obstacle for the bears is the Marlin oscillator, which is forming a convergence pattern. However, this might be a reprieve for the oscillator before it continues to decline.

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