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28.01.202504:59 Forex Analysis & Reviews: Forecast for GBP/USD on January 28, 2025

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Following yesterday's stock market plunge (S&P 500 -1.46%), which was triggered by China's advancements in AI, the British pound has abandoned its attempts to break above the 1.2500 level—a resistance level reinforced by the MACD line—and has started today with a notable decline.

Exchange Rates 28.01.2025 analysis

The Marlin oscillator has turned downward, consolidating in a downward trend. For this reversal to be confirmed, the price must break below the 1.2367 support level. If it does, this could pave the way to a target of 1.2186. On the four-hour chart, the Marlin oscillator's signal line remains in consolidation, albeit within a wide range.

Exchange Rates 28.01.2025 analysis

Yesterday, the price surged upward to close a gap, but it now has a strong starting position from which to target 1.2367. This level, supported by the MACD line, indicates that consolidating below it would add further bearish momentum.

Laurie Bailey
Analytical expert of InstaForex
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.02% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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