FX.co ★ GBP/USD Forecast for February 6, 2025

The British pound is approaching the Bank of England's rate decision amidst a mixed technical landscape. Signs of further growth include the price holding above indicator lines on the daily chart, while a sign of a reversal is the weak divergence between the price and the Marlin oscillator. Additionally, the oscillator has reached its strong resistance level of 0.0135 for the third time.

If the price breaks above yesterday's high of 1.2549, it could initiate an upward movement toward the 1.2616 level. A successful breakout above this point would pave the way for a target at 1.2708. Conversely, a significant drop below 1.2367, which is supported by the MACD line, could disrupt the current upward trend.

On the four-hour chart, the price is consolidating above the 1.2500 level, with the Marlin oscillator still in bullish territory. A shift in sentiment for the pound could occur if the price consolidates below the MACD line, particularly under 1.2470, likely leading to a move towards the 1.2367 support level.