Forecast for GBP/USD on February 17, 2021

GBP/USD

The British pound just touched the lower border of the target range of 1.3950/65 and turned down from it on Tuesday. The Marlin oscillator is now hardly going to work out the upper boundary of its own channel, and judging by its accelerated decline, it is already preparing to exit it down. Getting the price to settle below 1.3835 opens the target at 1.3565 or slightly higher, since the MACD indicator line will meet the price earlier, above this level.

analytics602c820044054.jpg

The divergence no longer raises questions on the four-hour chart, it has formed and Marlin is already in the negative zone. The price drift below the MACD line, below the 1.3835 level, will consolidate the British pound's desire to develop the downward movement.

analytics602c820e84d04.jpg

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