17.06.202005:03 Forex Analysis & Reviews: Forecast for GBP/USD on June 17, 2020

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GBP/USD

So the pound's attempt to overcome the Fibonacci level of 110.0% on the daily chart was suppressed yesterday. The price was pushed down near the Fibonacci level of 123.6%. The signal line of the Marlin oscillator is about to move into the bears' possession and the target at the Fibonacci level of 138.2% at the price of 1.2424 will open. The price must overcome the Fibonacci level of 123.6% at the price level of 1.2535 for Marlin to go into the negative zone.

A decisive price reversal came from the MACD indicator line on the four-hour chart. Marlin is in a downward trend zone. We expect the price to decline to 1.2424. There is uncertainty about tomorrow's meeting of the Bank of England, but if you believe the earlier statements by representatives of the regulator, there will be no changes in policy.

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