FX.co ★ Forecast for GBP/USD on January 31, 2023

Yesterday, the British pound fell by 44 points within the framework of the sideways movement under the resistance level of 1.2420. From below, the price has the balance and MACD indicator lines (1.2227), and it needs to cross these by Thursday, which is when the Bank of England meeting will be held (it is expected to raise the rate by 0.50%, while the Federal Reserve is seen to hike rates on Wednesday).

If the price does not cope with this task, the pound will be aiming for 1.2598-1.2666.

On the four-hour chart, the MACD line looks stable for the time being, the Marlin oscillator is in the area of the downtrend. Technical data still increase the probability of a decline in the near future.