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09.01.202405:13 Forex Analysis & Reviews: Forecast for GBP/USD on January 9, 2024

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GBP/USD

Yesterday, the British pound pierced through the resistance level at 1.2745 with its upper shadow, and today's opening price is exactly at this level, indicating further upward movement.

The Marlin oscillator crossed into the uptrend territory during the Asian session. A short-term rise is unfolding with the initial target at 1.2826. Beyond that, the price faces a challenging decision: to either surpass the upper band of the global descending channel around 1.2910 or break through it and reach the target level of 1.2940.

On the 4-hour chart, the price is trying to rise above the support at 1.2745. In doing so, it is moving above both indicator lines. The Marlin oscillator continues to adapt to the uptrend territory. We are hoping that the price would reach the initial target level at 1.2826.

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