FX.co ★ Forecast for GBP/USD on January 22, 2021

GBP/USD

The British pound gained 77 points on Thursday with the exit of the signal line of the Marlin oscillator above the upper line of its own wedge. It would seem that now the movement is only upward, to the 1.3800 target and above, but the signal line of the oscillator returns to the wedge, which, after returning, will indicate the falsity of this growth and the subsequent rapid departure of Marlin from the wedge to the downside. A price decline below 1.3646 opens a straight path to 1.3480.

The price formed a divergence reversal with the oscillator in the four-hour chart. The daily timeframe level of 1.3646 corresponds to the support of the MACD line at H4. With the price moving below the MACD line and with the transition of the Marlin oscillator into the negative zone (which will happen a little earlier), it is possible to open short positions for this pair.