FX.co ★ Forecast for GBP/USD on February 7, 2023

On the daily chart, the British pound has settled below the balance indicator line. The current short-term trend is a downtrend, but the reversal of the oscillator line indicates a possible correction today.

Once the correction ends, I expect GBP to fall to the target support at 1.1933. It is likely for the bullish correction to not reach 1.2155, since the nearest resistance is the balance indicator line.

On the four-hour chart, a miniature convergence of the price with the Marlin oscillator has been formed. It may serve as a confirmation of today's correction. As a result, the Marlin oscillator will discharge, approach the zero line, and from there it is possible to move downwards.