Forecast for GBP/USD on February 12, 2021

GBP/USD

The British pound is slowly developing according to the main scenario: it turns from the target level of 1.3835, the signal line of the Marlin oscillator turns from the upper border of its own range. The target of the decline is the same - the February 4 low at 1.3565. The MACD line of the daily scale gravitates to it.

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The Marlin oscillator has already penetrated the bears' territory on the four-hour chart, now the price needs to overcome the support of the MACD line at 1.3754 and a signal to open short positions will be generated.

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Opening short positions from current levels is also possible, this will give the advantage of a short stop placed above yesterday's high. In this case, the trading lot is reduced.

A large block of important economic data for the UK will be released today at 7:00 London time. The expectations are mixed, you are advised to wait for the price's reaction to these indicators.

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

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