FX.co ★ Forecast for GBP/USD on February 20, 2023

Despite the attempts to hit the target support level of 1.1900, GBP/USD closed with a white candle at 52 pips on Friday. Then, this Monday morning, the Marlin oscillator is attempting a reversal, which is a sign of a possible retest of 1.1900. The successful breakdown of this level will certainly open the way to the level of 1.1737.

The pair is above the MACD line on the four-hour (H4) chart. If the oscillator Marlin does not show any intention to turn down, pound may continue its sideways movement.

The breakdown of 1.1989, which is the February 15 low, will signal that the pair will once again try to reach the target level of 1.1900. If that happens, the MACD line may also be overcome.