FX.co ★ Forecast for GBP/USD on January 21, 2021

GBP/USD

The British pound slightly rose on Wednesday, but the development of its Marlin oscillator, which continues to work out the boundaries of its own wedge, is of greater interest. The signal line of the oscillator is already close to the top, perhaps today there will either be an upward breakout or a decisive downward reversal. The first upper target is 1.3800, the lower target is 1.3480.

The price is higher than the balance and MACD indicator lines on the four-hour chart, while Marlin is growing in the area of an upward trend. Whether this price exit is false or working, with the price intending to reach 1.3800, and under favorable circumstances to go higher, It will become clear in the near future.

The price falling below the MACD line (1.3636) will signal the development of the main downward scenario.