16.10.202405:04 Forex Analysis & Reviews: Forecast for GBP/USD on October 16, 2024

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Yesterday's attempt by the pound to break above the resistance at 1.3080 was unsuccessful, but this movement more clearly shaped the upward correction of the Marlin oscillator. This correction should be enough to resume the downward movement with renewed strength.

The outcome of tomorrow's European Central Bank meeting could provide this new strength. If the meeting offers nothing optimistic or new, the pound will head toward the lower boundary of the green price channel, around the 1.2916 mark. If the ECB surprises the market, the correction may continue to the target level of 1.3141 or even higher, attempting to reach the MACD line.

There are no preliminary signals on the four-hour chart. The price continues to move sideways below the 1.3080 level along the indicator's balance line. The Marlin oscillator is consolidating above the neutral zero line. We are awaiting the results of tomorrow's ECB meeting.

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