FX.co ★ Forecast for GBP/USD on January 19, 2024

GBP/USD

Yesterday, on the daily chart, the British pound opened and closed the day above the balance indicator line (red). This indicates that the balance of power has shifted towards the bullish side, and the price has settled above this line.

The Marlin oscillator is still in the downtrend territory, but it is getting weaker, and the price still needs to overcome the resistance level at 1.2745 to decisively defeat the bears. It is likely that a break above 1.2745 and the oscillator transitioning into the positive territory will happen at the same time.

On the 4-hour chart, Marlin has already entered the growth territory. It is important for the price to break above the resistance of the MACD line (1.2715), which is currently being held back by the balance line. Considering these factors, the price may be able to overcome visible obstacles and rise further. The target is 1.2826, which is the high from December 28th.