07.02.202406:12 Forex Analysis & Reviews: Forecast for GBP/USD on February 7, 2024

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GBP/USD

Over the course of yesterday and this morning, the British pound worked through the range of target levels 1.2524-1.2610. It overcame the MACD indicator along the way. Now the price needs to settle above 1.2610 in order to become stable, the recently abandoned range of 1.2610-1.2745.

The Marlin oscillator is not enthusiastic about this idea, but the price itself is clearly below the balance indicator line, indicating a prevailing bearish sentiment. The bulls must prevent the price from consolidating below the MACD line, that is, below today's opening price. If the bulls fail, traders may attack the support at 1.2524. We're waiting for further progress on this.

On the 4-hour chart, the price is attacking the resistance level of 1.2610 simultaneously with the Marlin oscillator's signal line entering the uptrend territory. Such a synchronous signal provides the bulls with more strength. The target is the MACD line around the 1.2642 mark, which coincides with the balance line on the daily chart. As we can see, there are many obstacles to the price's growth, and false movements may occur as well. We are watching.

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