11.10.202407:31 Forex Analysis & Reviews: Forecast for GBP/USD on October 11, 2024

The British pound settled below the support level of 1.3080 yesterday. The price has been struggling to find a suitable support level for a reversal and is also waiting for a significant event to trigger such a change. However, unexpected events can occur. Yesterday, the number of unemployment benefit claimants in the U.S. increased by 42,000 over the week, casting doubts on the strong employment data from last Friday. But the market seems to be waiting for a more significant catalyst.

Today, important data, with optimistic forecasts, are being released in the UK. If these are confirmed, such as a 0.2% GDP growth for August, the pound may have a chance to improve its position significantly. This would set the stage for a more impactful market shift.

On the four-hour chart, the price remains heavily pressed below the 1.3080 level, lying under both indicator lines.

However, the Marlin oscillator remains unaffected by these factors. It is preparing for an upward breakout, which could help the price move out of this difficult position. A consolidation above the nearest resistance level would also indicate a movement above the equilibrium line. This would be a strong indication of the end of the downward correction that has lasted for the past two weeks.