For Traders

Analytical Reviews

Technical analysis

21.01.202006:51 Forex Analysis & Reviews: Forecasts for GBP/USD on January 21, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP/USD

Yesterday, the pound spent supporting the Fibonacci level of 161.8% (price 1.2968). The most active American players on the market were not present due to a national holiday, and today they can show increased activity. With the overcoming of support at 1.2968, the first target of the bears at 1.2820 opens - the Fibonacci level of 138.2% of the base branch of the movement on September 3-20, 2019. The level almost coincides with the low of November 22 of last year. Even lower is another target level of 1.2758 - a high of June 12.

On the four-hour chart, the price did not go above the red indicator line of the balance sheet yesterday, thereby preserving the falling market balance. Also, the Marlin oscillator remained in the declining trend zone. We are waiting for the price to move towards the first target of 1.2820.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.