FX.co ★ Forecast for GBP/USD on January 12, 2024

GBP/USD

Yesterday, the British pound reaffirmed its intention to reach the upper band of the global descending channel at 1.2907. As the US dollar index was down 0.02%, the pound led gains by rising by 0.26%. The Marlin oscillator left its own descending channel, and entered the uptrend territory. The price found support from the balance indicator line. The nearest target is 1.2826, which was the peak on December 28th.

Today's UK industrial production data for November suggest a 0.3% increase, while construction output is expected to grow by 0.4%, and the trade balance is forecasted to improve from -17.0 billion pounds to -15.7 billion pounds. GDP for November is expected to grow by 0.2%.

On the 4-hour chart, the uptrend is intact, as the price consolidated above the level of 1.2745 and the MACD indicator line. The Marlin oscillator made a false dip below the zero line on Thursday and is now on track for a sharp increase.