FX.co ★ Forecast for GBP/USD on February 6, 2023

The pound fell by 170 points or 1.39% on Friday. At the moment, the price is halfway to the target support at 1.1933 and is hovering in the consolidation range of December 2022.

The UK Construction PMI for January will be released today and its forecast is 49.6 versus 48.8 a month earlier. A good figure will help the price take a bit of a breather before continuing to move towards the target of 1.1933. On the daily chart, the Marlin oscillator is slightly reversing upwards, confirming the idea of a short-term consolidation.

On the four-hour chart, the price is in a sharp downtrend for the short-term. The Marlin oscillator is also slightly reversing upward. The market can take a break today as we expect weaker readings for Germany, England, Canada and Australia tomorrow.