FX.co ★ Forecast for GBP/USD on February 9, 2023

Yesterday, I put the Fibonacci time frames tool on the daily chart and suggested that on Wednesday or Thursday, i.e. today, the pound will fall even further. Yesterday it was rising, so we will expect a decline today, on the first bar after the 6th timeline.

The UK will release an important report tomorrow and it is expected to be weak; the Q4 GDP growth is expected to be 0.0%, December GDP may show a -0.3% decline, annual GDP may be down 0.4% from the previous 1.9%, industrial production for December is expected to be down 0.2%, trade balance is expected to be -16.4 billion pounds from the previous -15.6 billion. Of course, such data is not good for the pound. Investors can already consider this information for today's price.

The nearest target for the bears is 1.1933, then the target of 1.1737 will become available.

On the four-hour chart, the Marlin oscillator has consolidated in the growth zone, but the price is actually prevented by the balance indicator line, which is already below the target level of 1.2155 and may accelerate the decline. In general, according to the aggregate indicators of the two charts, the opportunity for growth is very weak, we expect the development of the downtrend.