FX.co ★ Forecast for GBP/USD on July 8, 2024

GBP/USD

The British pound has risen above the daily balance line. The price may intend to break above the resistance level of 1.2847. If it succeeds and consolidates above this mark, the price could continue to rise to the target of 1.2975.

This is a bold task for the pound, as it has recently been unresponsive to domestic events and has been following the dollar's weakness. If the price consolidates below the level of 1.2755, the pound may attempt to return to the support level of 1.2633. The pound could either rise or fall.

On the 4-hour chart, the price and the oscillator have formed a divergence. However, the growth is strong, so the pound is unlikely to fall below the support level of 1.2755 in the near future. For this to happen, it would need to consolidate within the range of 1.2755-1.2847 for at least a day or two to gather strength.