29.08.202405:21 Forex Analysis & Reviews: Forecast for GBP/USD on August 29, 2024

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The British pound dropped 70 pips under the influence of yesterday's correction across a broad range of markets. The target level of 1.3300 seems underdeveloped, but a move above the 1.3220 level on Tuesday and Wednesday without consolidation could become an independent reversal pattern, similar to what happened on July 17-18 (gray rectangle).

Yesterday's trading volume exceeded Tuesday's, which is also a bearish pattern. If the price can again overcome the resistance at 1.3220, the rise to 1.3300 will gain fresh momentum. However, if today closes below 1.3220, the path to the 1.3095-1.3120 range will become the main target and focus for the near term.

In the 4-hour chart, the Marlin oscillator has settled in the negative zone, and the price is just beginning to gather strength to overcome the support of the MACD line around 1.3167, which aligns with yesterday's low. Breaking this level will open up the target range, but additional external stimuli will be needed to surpass it.

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