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07.02.2023 04:53 AM
Forecast for GBP/USD on February 7, 2023

On the daily chart, the British pound has settled below the balance indicator line. The current short-term trend is a downtrend, but the reversal of the oscillator line indicates a possible correction today.

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Once the correction ends, I expect GBP to fall to the target support at 1.1933. It is likely for the bullish correction to not reach 1.2155, since the nearest resistance is the balance indicator line.

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On the four-hour chart, a miniature convergence of the price with the Marlin oscillator has been formed. It may serve as a confirmation of today's correction. As a result, the Marlin oscillator will discharge, approach the zero line, and from there it is possible to move downwards.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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