02.02.202105:38 Forex Analysis & Reviews: Forecast for GBP/USD on February 2, 2021

GBP/USD

Yesterday, the British pound ended the day by falling 43 points, which resulted in the exit of the signal line of the Marlin oscillator from its wedge to the downside. But this played a small part. The main part is when the signal line left the negative area. Without this, the oscillator wedge can easily transform into a horizontal movement. So far, our expectation remains the same - being able to settle below the 1.3648 level and a succeeding decline to the MACD line at the daily timeframe (1.3480). The target area can be expanded - 1.3480-1.3519 - the upper border of which is determined by the January 18 low.

In a four-hour timeframe, the price is clearly staying in a sideways trend, even yesterday's price drift under the MACD line turned out to be short-term, like the previous four times, while the price was moving in a gray rectangle. But the Marlin oscillator is in the negative area, which means that there might be no option for the price to rise to the upper border of the range, as it was in the previous four times. We are waiting for the price to settle below the 1.3648 level, which opens the way for it to the target range of 1.3480-1.3519.