FX.co ★ Forecast for GBP/USD on February 20, 2024

GBP/USD

Yesterday, the British pound got entangled in the resistance area of 1.2610/40, formed by the target level and daily indicator lines. The price fell below this level, and the day closed with a black candle. Such a bullish break above the 1.2610 level may turn out to be a false signal, increasing the probability of a decline with the first target at 1.2524.

Consolidating below this level opens up the target at 1.2373. The Marlin oscillator is in the downtrend territory. This scenario will be invalidated if the price closes above the MACD line (1.2640).

On the 4-hour chart, the price crossed the MACD line, acting as support, and the Marlin oscillator moved into the downtrend territory. The current situation is bearish.