Forecast for GBP/USD on January 14, 2021

GBP/USD

Yesterday, the British pound abandoned the option to renew the January 4th high. The signal line of the Marlin oscillator showed the intention of a reversal from its own upper straight line. Also, Marlin has formed a wedge, breaking out of it will fuel the pound's decline. But on standby mode. The probability of rising to the 1.3800 target level has dropped to 65% against yesterday's 70% but it remains high.

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The four-hour timescale shows that the MACD line is holding back the price from falling. Getting the price to settle below it and leaving yesterday's low of 1.3611 may also cause the Marlin to move to the decline territory. This will imply a 50% likelihood that the price will move to the target level of 1.3480.

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The material has been provided by InstaForex Company - www.instaforex.com