FX.co ★ Forecast for GBP/USD on January 8, 2025

Yesterday, the British pound pierced the balance line on the daily chart with its upper shadow and then turned downward along with the broader market. The signal line of the Marlin oscillator remained within its descending channel, reinforcing the overall bearish sentiment.

The channel's readings suggest that the price is unlikely to surpass the 1.2510 level. We anticipate the price will move toward the first target level of 1.2367, followed by the second target level at 1.2294.On the four-hour chart, the Marlin oscillator's signal line bounced back from the boundary of the downtrend zone, while the price consolidated below the balance line.

The first support level is the MACD line near 1.2452. A breakout below this level would signal the pound's move toward the target at 1.2367. At that point, Marlin is expected to enter negative territory.