FX.co ★ Forecast for GBP/USD on October 5, 2023

GBP/USD

A modest convergence has helped the British pound approach the channel line (1.2182) it recently surpassed. Breaking above this level would mark the beginning of an upward movement towards 1.2307, and it may continue to rise towards the target level of 1.2444, which is also near the price channel line.

The resistance is strong, and the MACD indicator line is approaching it. In addition, the 1.2444 level roughly corresponds to the 38.2% retracement of the entire downward movement since July 14th.

On the 4-hour chart, the price has stayed above the MACD indicator line, using it as good support to overcome 1.2182. This breakthrough opens up the target at 1.2307. The Marlin oscillator is rising in the uptrend territory.