Forecast for GBP/USD on October 10, 2023

GBP/USD
Yesterday, the British pound successfully closed the gap from the start of the weekly session and continued to rise. Now the price is trying to break above Friday's high, with the nearest target at 1.2307.

Since the signal line of the Marlin oscillator only entered the positive territory recently, the momentum should be enough to reach the nearest line of the price channel around the target level of 1.2444. By breaching the resistance level, the price could reach the 1.2547 target.

On the 4-hour chart, the price is in an uptrend according to all indicators. The pound is rising above the balance and MACD lines, and these indicator lines have turned upwards. The Marlin oscillator is rising within the uptrend territory and is far from overbought. Keep an eye on the price's behavior at the target resistance level of 1.2307.

Analysis are provided by InstaForex

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