Forex Analysis & Reviews: Forecast for GBP/USD on January 26, 2021

GBP/USD
Yesterday, the British pound tested support at 1.3648. So far it has been unsuccessful and there are several technical reasons for this; the signal line of the Marlin oscillator met the lower line of its own wedge on the daily chart; on the four-hour chart, the MACD line is located at this price level.

But Marlin has penetrated the negative area in the four-hour chart, this is a sign that the price would overcome support at 1.3648, probably by today. The target for the decline is the 1.3480 level - the low on December 9 and September 1, 2020.

The four-hour chart shows that the 1.2132 level coincides with the MACD indicator line, respectively, the level, like the consolidation range itself, gains strategic importance in the short-term current situation.

Analysis are provided by InstaForex