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GBP/USD forecast for October 10, 2023 - Forex Trading

GBP/USD forecast for October 10, 2023

Summary:

1. The British pound successfully closed the gap from the start of the weekly session and continued to rise.

2. The price is attempting to break above Friday’s high, with the nearest target at 1.2307.

3. The Marlin oscillator entering positive territory indicates sufficient momentum to reach the nearest line of the price channel around the target level of 1.2444.

4. If the resistance level is breached, the price could reach the target of 1.2547.

5. On the 4-hour chart, all indicators confirm an uptrend, with the pound rising above the balance and MACD lines, which have turned upwards.

6. The Marlin oscillator is rising within the uptrend territory and is not yet overbought.

7. Pay attention to the price’s behavior at the target resistance level of 1.2307.

 

The future direction of the British pound appears to be upward, with the potential for further gains as it aims to break above resistance levels and reach target levels.

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