FX.co ★ Forecast for GBP/USD on January 23, 2024

GBP/USD

Yesterday, the British pound was up 4 pips against the broad weakness of counter-dollar currencies. This is a positive sign for the British currency. It's a good thing that the price remained above the balance indicator line on the daily timeframe.

Now, the price can continue to move towards the target level of 1.2745 and attempt to settle above it in order to have the potential to rise to 1.2826. The Marlin oscillator is gradually rising, and the main task is to enter the positive territory to help in pushing the quote upwards.

Yesterday, the GBP/USD pair did not close below the balance and MACD indicator lines. The entire struggle took place with the Marlin oscillator in the growth territory. This morning, the price is rising, so we can make an initial conclusion about the bulls' victory. The first confirmation is when the price surpasses yesterday's high at 1.2731. Next, the price will need to rise above the resistance at 1.2745.