FX.co ★ Forecast for GBP/USD on January 4, 2024

GBP/USD

Despite several counter-dollar currencies falling on Wednesday, the British pound rose by 48 pips. The quote returned above the level of 1.2645, indicating an intention to rise to 1.2745.

The Marlin oscillator is still in bearish territory, but it already shows an intention to turn upwards. We can confirm the growth once the price closes the day above the support at 1.2645, preferably with a white candle. This is important because key US employment data will be released on Friday.

On the 4-hour chart, the price has consolidated above the support at 1.2645, but the Marlin oscillator has not yet left the bearish territory. Ahead of the price, there is also resistance at the MACD line (1.2705). If traders attack this resistance today, this will prove that the market intends to continue the upward movement, possibly starting tomorrow.