14.02.202406:23 Forex Analysis & Reviews: Forecast for GBP/USD on February 14, 2024

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GBP/USD

On Tuesday, after a short-term breakthrough of the resistance on the daily timeframe's balance indicator line, the price fell sharply, breaking through the support of the MACD line and the target level of 1.2610.

The Marlin oscillator is turning down without leaving the downtrend area. The pound will likely reach the target level of 1.2524. Overcoming the first target will open the second one at 1.2373 - the low of November 16, 2023.

On the 4-hour chart, the price has settled below the balance and MACD indicator lines, below the target level of 1.2610. The previous price surge was clearly a false signal. We are waiting for progress on the downtrend.

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