FX.co ★ Forecast for GBP/USD on January 23, 2023

It took the British pound three days to cross the resistance of 1.2410. The pound might still get some support for further rally if it could cope with Friday's disappointing retail sales data (-1.0% in December).

There is one hidden obstacle for the pound's growth, which is the dotted line of the lilac-colored price channel on the daily chart. If the price overcomes it, there is nothing to prevent growth towards the target level of 1.2598, which is also indicated by the other dotted line of the price channel (blue).

On the four-hour chart, the signal line of the Marlin oscillator has turned up from the limit of the area of the downtrend. The general trend is an uptrend. Due to the optimism, I expect the pair to rise to the target level of 1.2598.