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24.01.202305:01 Forex Analysis & Reviews: Forecast for GBP/USD on January 24, 2023

Company does not offer investment advice and the analysis performed does not guarantee results.
The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

The fourth day of price consolidation before the resistance at 1.2420 begins. Settling above this mark will allow the price to continue rising to the target level of 1.2598.

Exchange Rates 24.01.2023 analysis

Only if the nearest resistance of the embedded price channel line does not interfere, which is marked on the daily chart by the lilac dotted line (resistance 1.2475). The Marlin oscillator is turning down a bit - there is a small chance of the price reversal from 1.2420 to the downside.

Exchange Rates 24.01.2023 analysis

On the four-hour chart, let's look at the details. There is an uptrend, it will be strengthened by the price settling above 1.2420. The opposite situation, a downtrend, may occur when the price is below the MACD indicator line, below 1.2320. The Marlin oscillator has moved into the bulls' area, respectively, growth is more likely.

Laurie Bailey
Analytical expert of InstaForex
© 2007-2023

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