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

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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.

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.

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.

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