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06.02.2023 04:29 AM
Forecast for GBP/USD on February 6, 2023

The pound fell by 170 points or 1.39% on Friday. At the moment, the price is halfway to the target support at 1.1933 and is hovering in the consolidation range of December 2022.

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The UK Construction PMI for January will be released today and its forecast is 49.6 versus 48.8 a month earlier. A good figure will help the price take a bit of a breather before continuing to move towards the target of 1.1933. On the daily chart, the Marlin oscillator is slightly reversing upwards, confirming the idea of a short-term consolidation.

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On the four-hour chart, the price is in a sharp downtrend for the short-term. The Marlin oscillator is also slightly reversing upward. The market can take a break today as we expect weaker readings for Germany, England, Canada and Australia tomorrow.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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