FX.co ★ Forecast for GBP/USD on January 17, 2023

Yesterday the price formed a black candlestick with the upper long shadow. The pound's hopes to climb to the target level of 1.2410 is undermined, though it is possible to speak about it more confidently once the price has settled below 1.2155 (low of May 13).

The mood of the Marlin oscillator is neutral - the signal line is moving along the zero line. GBP will rise once it crosses yesterday's high at 1.2288. In this case, the 1.2410 target will become relevant again.

There is a double divergence on the four-hour chart. This is an additional argument in representing the trend as a fading local growth with a reversal to a short-term decline, to the nearest target at 1.1933.