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12.02.202406:00 Forex Analysis & Reviews: Forecast for GBP/USD on February 12, 2024

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD

On the daily chart, the price has settled above the MACD indicator line and above the level of 1.2610. The Marlin oscillator is in a rush to enter the positive territory in order to support the growth and help the price reach the target level of 1.2745.

Exchange Rates 12.02.2024 analysis

This level represents the upper boundary of a two-month range, the bearish breakthrough on February 5th turned out to be a false move (support at 1.2610). Therefore, there is a high chance that the price could fall at this upper boundary. A consolidation above 1.2745 by the daily candle may open new bullish levels.

Exchange Rates 12.02.2024 analysis

On the 4-hour chart, the price has risen above the resistance of the MACD line, and the Marlin oscillator has firmly settled in the growth territory. We're waiting for progress on the upward movement.

Laurie Bailey
Analytical expert of InstaForex
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