FX.co ★ Forecast for GBP/USD on January 22, 2024

GBP/USD

On the daily chart, the British pound closed above the balance indicator line on Friday, and this morning, it is rising towards the nearest target resistance at 1.2745. Overcoming this level will open the second target at 1.2826, which is the December 28th high. The Marlin oscillator is slowly but steadily approaching the border of the bullish territory.

On the 4-hour chart, the price is struggling with resistance at the MACD indicator line. Overcoming it, as well as the high from the 19th at 1.2713, will pave the way for the price to reach the first target at 1.2745.

There are no important scheduled news or events today, but tomorrow, the UK will release a report on the budget deficit for December, which is expected to fall from £13.4 billion to £11.2 billion. From the US docket, the Richmond Fed Manufacturing Index may improve from -11 to -7. Therefore, investors can feel free to buy risky assets today.