08.02.2023 04:58 AM
Forecast for GBP/USD on February 8, 2023

The pound sterling gained 29 points yesterday. Considering that today marks the third day of the correction from the fall of February 2-3, it may already be over.

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The Fibonacci time zone of the 6th line on the daily chart also indicates that a reversal is possible today or tomorrow. The targets are 1.1933, 1.1737. The Marlin oscillator is in the area of the downtrend, rising behind the price both sluggishly and reluctantly.

Convergence on the four-hour chart is almost done, the signal line of the oscillator is very close to the border of the green zone.

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There is a possibility of a price breakthrough to 1.2155, and according to our main scenario, it will be the last one. Or, also within the main decline scenario, the target level of 1.2155 will not be reached.

Laurie Bailey,
Analytical expert of InstaForex
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