30.09.202405:09 Forex Analysis & Reviews: Forecast for GBP/USD on September 30, 2024

Relevance up to 22:00 UTC--4

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Currently, two scenarios are being considered for the pound: an immediate rise to the magnetic point of 1.3455 (the intersection of the upper boundary of the ascending wedge and the embedded price channel line) or after an initial decline to the 1.3300 support. Overcoming this resistance will allow the price to reach the target of 1.3525.

Further growth may continue up to 1.3635 or close to it, with the embedded green price channel line being worked out. The signal line of the Marlin oscillator fits within the wedge, which significantly weakens the pressure of divergence. The lower boundary of the wedge indicates that the price is unlikely to drop below the 1.3300 level.

On the four-hour chart, the price is undergoing minor consolidation above the 1.3360 level. The MACD line reinforces the 1.3300 level. The Marlin oscillator is in negative territory, but this bearish sign is muted by its sideways (neutral) movement.

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