06.12.202404:56 Forex Analysis & Reviews: Forecast for GBP/USD on December 6, 2024

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On Thursday, the pound rose by 55 pips and consolidated above the 1.2708 resistance level, which now acts as support. The price is heading toward the target range of 1.2816/47, aligning closely with the 38.2% Fibonacci level from the entire move between September 26 and November 22.

The Marlin oscillator is rising sharply in positive territory, supporting the price's upward momentum.A sign of divergence between the price and the oscillator has emerged, but it is weak. Graphically, Marlin remains within an ascending channel (dashed lines). Such contradictions often lead to oscillator and price consolidation.

The 1.2708 level serves as support. Consolidation below this level could trigger a move toward the 1.2616 support, further reinforced by the MACD Line (blue moving average).

The primary trend remains bullish, but the final direction will depend on the release of U.S. employment data at 13:30 London time.

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