For Traders

Analytical Reviews

Technical analysis

21.02.201909:04 Forex Analysis & Reviews: Forecast for GBP/USD on February 21, 2019

Long-term review

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

The British pound slightly changed at the end of the day, as investors were waiting for news from Prime Minister Theresa May's meeting with European Commission President Jean-Claude Juncker. But there is no news yet, negotiations are continuing. Technical indicators for the past day have not changed the previous indication of the growth trend, the goal is 1.3174 - the high on November 7 is preserved.

But these days there was a hidden sign of a price reversal, this is a coincidence of yesterday's high with the Fibonacci retracement level of 76.4% of the descending line since January 25. To reinforce this price, it is enough to continue horizontal movement along the level of 1.3048 (at least June 28), which will allow Marlin signal lines to penetrate deeper into the negative zone on both scales, and this will signal a depletion of the price trend. The very first price action should be its consolidation under the line of the price channel for the daily, below 1.2967. The second price action should be consolidation below 1.2877, below the Krusenstern line on the daily chart, but that's not all, the support for the same line on H4 is below — 1.2890.

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.