FX.co ★ Forecast for GBP/USD on April 30, 2024

GBP/USD

Yesterday, the pound unexpectedly posted strong gains, exceeding 70 pips. The price surpassed the intermediate level of 1.2525, and now it only needs to move a little further to reach the target level of 1.2596, which coincides with the 50.0% corrective level. The Marlin oscillator has entered into positive territory, aiding the price in achieving its target.

The Marlin oscillator continues its sideways movement on the 4-hour chart, significantly affecting the pound's bullish potential, especially considering the formation of a weak divergence.

The price will rise further if it surpasses yesterday's high at 1.2568. If the price falls below the signal level of 1.2525, it would indicate weakness and prompt the bears to test support at the MACD line (1.2458).