FX.co ★ GBP/USD Forecast for July 24, 2025

Amid overall market optimism (S&P 500 +0.78%), the British pound gained 48 pips yesterday. This was enough for the Marlin oscillator on the daily scale to move into positive territory. The price may now reach the target level of 1.3635 and attempt to approach the MACD line at 1.3727.

The risk for the pound is that such a move would take it out of its comfortable free-drift range of 1.3369–1.3635, leaving it vulnerable to being caught off guard by the outcome of next week's Federal Reserve meeting.

On the H4 chart, the signal line of the Marlin oscillator has moved below the lower boundary of its own ascending channel. This development also casts doubt on the pound's short-term growth prospects.

Overall, the mixed signals align with the broader picture of a free-floating price. In the event of a reversal, support for the GBP/USD pair will be provided by the MACD line around the 1.3460 mark.