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10.10.202404:57 Forex Analysis & Reviews: Forecast for GBP/USD on October 10, 2024

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Yesterday, the British pound broke below the 1.3080 level for the fourth time in four days, this time with the day's close below the level. This morning, the price is attempting to rise again, preserving its reversal potential. The Marlin oscillator is also slowly turning upward.

Exchange Rates 10.10.2024 analysis

A positive sign of the bulls' strength is the price's "clinging" to the balance line, which questions the movement toward the open level of 1.2994. The potential for further growth will be determined by the price consolidating above the 1.3141 level and breaking above the MACD line, which is rising above this level.

Exchange Rates 10.10.2024 analysis

On the four-hour chart, the price closes in at around 1.3080, while the Marlin oscillator consolidates above the zero level. The price consolidation above this level will entail the oscillator's signal line breaking out of the consolidation range, providing an additional (moderate) boost for further growth.

Laurie Bailey
Analytical expert of InstaForex
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