Forex Analysis & Reviews: Forecast for GBP/USD on January 6, 2021

GBP/USD
During yesterday's growth of the British Pound against the background of the general temporary weakening of the Dollar, there was an attempt to get above the target level of 1.3624. The attempt failed and there was only a minor puncture of resistance. Today, in the Asian session, the price played back half of yesterday's growth. The signal line of the Marlin oscillator turned down from the line forming the divergence. The target of the Pound's decline is 1.3325 which is the Kruzenshtern line on the daily chart.

On the H4 chart, the Marlin oscillator is in the negative zone. With the price fixing under the Kruzenshtern line at 1.3578, the road to the marked target of 1.3325 opens to gain more confidence with the departure under the minimum on January 4 (1.3540).

The four-hour chart shows that the price slightly pierced the MACD line and rebounded off the signal level of 0.7641. The Marlin oscillator has entered the downward trend zone and is staying there this morning. We are waiting for the price's second attempt to overcome support at 0.7641.

Analysis are provided by InstaForex