FX.co ★ Forecast for GBP/USD on January 30, 2024

GBP/USD

At the end of Monday, the British pound gained only 7 pips, but it proved to be enough for the price to stay above the daily balance indicator line this morning.

The Marlin oscillator continued to rise, approaching the uptrend territory. Clearly, the price is waiting for positive results from the Federal Reserve's meeting so it can continue its ascent towards the strategic target of 1.2878—the upper boundary of the global price channel. However, the outcome of the Fed meeting will be announced tomorrow.

On the 4-hour chart, the price moves sideways above the MACD line, occasionally making brief excursions below it. This is influenced by the Marlin oscillator, which is located below the zero line. Overall, the price is in a waiting mode with a bullish bias.