FX.co ★ Forecast for GBP/USD on February 15, 2021

GBP/USD

The British pound showed increased activity for growth last Friday and this morning. The price has surpassed the 1.3835 target level, now it is aiming for the nearest target at 1.3950/65 (low on April 5, 2018). The Marlin oscillator moves up from its own range on the daily timescale. Getting the price to settle above the target range of 1.3950/65 may lead to succeeding growth to 1.4070 (high in February 2018 and low in January and 2016), but the pound is ahead of the market for no apparent reason, so for now we are watching the price behavior near the nearest target of 1.3950/65.

Here we also see that the sideways range of the Marlin was formed inside the rising channel, to the upper boundary of which there is not much left, and once it is reached, the probability of a downward reversal will significantly increase.

The four-hour chart, on which the divergence is preparing, also warns of caution. When the target range has been reached, the price may reverse into a deep (up to 1.3565) correction.