FX.co ★ Forecast for GBP/USD on January 28, 2021

GBP/USD

Under the general strengthening of the US dollar at the FOMC meeting of the Fed, the British pound lost 50 points yesterday. Today, the price reached the target level of 1.3648 in the Asian session. The signal line of the Marlin oscillator fell on the lower forming line of the once outlined wedge. The wedge itself was re-formed into a sideways range, indicated by a gray area on the chart.

With the price moving below the level of 1.3648, the Marlin will move both under the line of its own support, and will shift to the zone of negative values. After this signal, the pound may decline to the target level of 1.3480 – to the top on September 1 last year.

The price on the four-hour chart also found support on the MACD indicator line. The Marlin has settled in the zone of a declining trend. We are waiting for a signal to further move the British pound down – consolidation under the level of 1.3648.