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20.08.201906:04 Forex Analysis & Reviews: Forecast for GBP/USD on August 20,2019

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

Over the past day, the situation for the British pound has not changed, especially according to indicators. On the daily chart, the Marlin oscillator is approaching the boundary with the growth territory. From this boundary, the zero line, there may be a downward turn, but there may also be a signal overcoming it with a subsequent increase in the price to the magnetic point at 1.2230, where the price channel lines and the Fibonacci level of 223.6% converge. This can happen after the price consolidates above the Fibonacci level of 238.2% (1.2154). Today the CBI balance of production orders in the UK for the current month will be published, the forecast is -25 versus -34 in July, this could be a reason for the pound to grow.

Exchange Rates 20.08.2019 analysis

On the four-hour chart, the Marlin maintains indications of a rising trend; the price is reliably above the balance lines and MACD. The advantage is on the side of the rising scenario.

Exchange Rates 20.08.2019 analysis

On the other hand, upon reaching the Fibonacci level of 238.2%, the correction may be completed. A sign of this will be price consolidation under yesterday's low, below 1.2104. Then we expect the pound to decline in the range of 1.2032/50, formed by the Fibonacci level of 261.8% and the MACD line on H4.

Laurie Bailey
Analytical expert of InstaForex
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