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21.02.202304:52 Forex Analysis & Reviews: Forecast for GBP/USD on February 21, 2023

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GBP/USD closed on Monday at Friday's closing levels. Then, this morning, there is a slightly bearish sentiment, which turned the Marlin oscillator in the daily (D1) timeframe down, pushing it towards a negative territory.

Exchange Rates 21.02.2023 analysis

It seems that hitting the target level of 1.1900 is becoming more and more plausible. If that happens, the pair will head towards 1.1737, which is the top last September 13, 2022. A price movement below the balance and MACD lines will keep the trend bearish.

But on the four-hour (H4) chart, the pair continues a sideways movement, right between the balance and MACD lines.

Exchange Rates 21.02.2023 analysis

The signal line of the Marlin oscillator is reversing from zero, indicating that it is going to test the MACD line (1.1989), which is also the low last February 15. If it succeeds, the pair will decline further to the target support level of 1.1900.

Laurie Bailey
Analytical expert of InstaForex
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