Forecast for GBP/USD on January 29, 2021

GBP/USD

The Marlin oscillator has formed a new, smaller wedge on the daily chart. As before, in the case with the larger wedge earlier, it acts as a factor for the breakout to the downside. Most likely, such a breakthrough will occur next week, and today we are waiting for preparation for this - falling to support at 1.3648 and a decrease in the signal line of the oscillator to the lower wedge-forming line. The bears' initial target will be 1.3480, which is approaching the MACD line.

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On the four-hour chart, the Marlin oscillator is still in the growth area and the price is above the balance (red) and MACD (blue) indicator lines. You can also notice that the price is developing in the range indicated on the chart by the gray area. This circumstance does not contribute to the quick resolution of the situation. We are waiting until Monday-Tuesday.

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

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