23.10.202405:13 Forex Analysis & Reviews: Forecast for GBP/USD on October 23, 2024

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On Tuesday, the British pound did not reach the lower boundary of the green price channel, as the price was sharply pushed upwards. As long as the price does not consolidate above the nearest resistance at 1.2994, it retains the possibility of a similarly rapid decline to reach this target.

The price lacks the resources for a steady push through the remaining range down to 1.2925, as the Marlin oscillator has turned upward, albeit with a very slight convergence. On the four-hour chart, the Marlin oscillator is moving sideways within the downtrend territory, and the price is currently on the MACD line, with less than 20 pips remaining to reach the 1.2994 resistance.

All these factors prevent the price from breaking above the 1.2994 level and advancing towards the 1.3080 target. External markets remain mixed, with no unified risk-off move: the S&P 500 fell by 0.05% yesterday, oil rose by 2.00%, gold increased by 0.79%, and yields on U.S. government bonds are rising slowly.

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