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

The British pound rose 98 pips on Friday, overlapping Thursday's black candlestick. The Marlin oscillator refuses to move into the area of growth. At the moment, there is a situation of one or two more days of potential growth without the target level of 1.2155.

The MACD indicator line is turning down on the daily chart, a sign of a price reversal into a medium- or long-term trend. This struggle will probably continue in a wide range of 1.1914-1.2155, which began on February 7. According to the main scenario we are waiting for the bears' victory.

On the four-hour chart, the price is above the balance and MACD indicator lines, the Marlin oscillator is in the positive area. An uptrend. It is impossible to say how long or what level this trend will last, because there are many strong levels within the 1.1914-1.2155 range. However, if the price returns under the MACD line with consolidation, below 1.2012, there might be another attempt to reach support at 1.1914.