FX.co ★ Forecast for GBP/USD on February 16, 2023

Pound fell by 140 pips as sellers became active yesterday due to the weaker-than-expected inflation data. It indicated that core CPI fell from 12.9% y/y to 12.6% y/y in January.

There was a price reversal on the daily (D1) timeframe, both from the MACD line and the Marlin oscillator. This means that traders have to take the target level of 1.1900 in order to open the way towards 1.1737.

On the four-hour (H4) timeframe, the price has consolidated under the balance and MACD lines, while the Marlin oscillator consolidated in the area of the downward trend. This indicates that there will be a further downward move in GBP/USD.