05.08.202405:15 Forex Analysis & Reviews: Forecast for GBP/USD on August 5, 2024

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GBP/USD

The pound gained 64 pips on Friday after the release of US employment data. The reversal occurred from the support of the MACD line on a daily time frame.

The upper shadow just fell short of the target level of 1.2847. In the next 1-2 days, it has all the possibilities to work towards this target, as the indicator lines are already below, and the Marlin oscillator is approaching the zero line again.

On the 4-hour chart, the signal line of the Marlin oscillator is consolidating before the boundary of bullish territory. Preparation is underway to work towards the target of 1.2847, which the MACD line approaches. The upward correction may end at this level.

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