FX.co ★ Forecast for GBP/USD on January 26, 2023

The British pound is still living up to our expectations - it is developing sideways movement in the upper half of the 1.2155-1.2420 range. At the moment, the price is supported by the balance line. In due course it will be joined by the MACD line.

Investors have already entered the "waiting mode", anticipating the Federal Reserve meeting on February 1. The upper target is 1.2598-1.2666; the lower and more strategic target is 1.2155, which, if left, would mean the breakdown of the ascending trend to a medium-term decline.

There is nothing remarkable on the four-hour chart. The price settled above the indicator lines, but for the sideways movement, the MACD line could move horizontally, and the price will turn around, which is already happening. The Marlin oscillator has the same uninformative state.