For Traders

Analytical Reviews

Technical analysis

07.02.202005:28 Forex Analysis & Reviews: Forecast for GBP/USD on February 7, 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

On Thursday, the British pound on average trading volumes pushed the January support around the Fibonacci level of 161.8%. At the moment, the price is in the area of the December minimum, and taking into account yesterday's volumes, we can assume that the bids for the pound are removed here as well. The market's immediate target is now the 138.2% Fibonacci level at 1.2820. Below is the target range of 1.2728/58, formed by the Fibonacci level of 123.6% and the maximum on June 12, 2019.

On the four-hour chart, the signal line of the Marlin oscillator lies in the horizontal range – this indicates that the price will consolidate for some time. Probably, the market is waiting for the evening data on employment in the United States. The forecast for the Non-Farm employment change is good: 163 thousand against 145 thousand in December. We are waiting for the decline to continue.

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.