Forecast for GBP/USD on September 19, 2023

The British pound closed Monday at the same level as Friday's closing level. The Marlin oscillator rose, reinforcing the double convergence with the price. We can see that the signal line of the oscillator is converging into a wedge, and an upward exit (most likely) from it will fuel the price growth.

The nearest bullish target is 1.2547, followed by 1.2617. The third target is 1.2684. The MACD indicator line is approaching this level.

On the 4-hour chart, we see a build up in the convergence. A break above 1.2444 will also correspond to Marlin's move into the bullish territory. Such a pattern will support the pound. We await the results of tomorrow's Federal Reserve meeting.

Analysis are provided by InstaForex

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