Stay 
Trading Conditions
Products
Tools
GBP / USD
The British pound came close to the target level at the Fibonacci level of 200.0% 1.3286. On the daily chart, a reversal pattern begins to appear. Thus, now, a reversal divergence may form with moderate growth or consolidation on the Marlin oscillator.
The second target 1.3352 will open at the Fibonacci level of 223.6% with the price moving above the level of 1.3286, but even in this case, the divergence can be formed with a more gentle forming line only. The first "bearish" target is the Fibonacci level of 161.8%, which was a strong resistance at the peaks of October and November - 1.2968. The main driving force of the market will be the results of the elections in the UK on December 12.
On the four-hour chart, the formation of a reversal divergence is also being prepared according to Marlin. The signal line of the oscillator will slightly increase if the pound rises to the first target 1.3206, after which a price and indicator reversal is likely. Moreover, the fundamental basis for such a reversal will be the "cost-conscious" victory of the conservatives in the parliamentary elections, since they retain an advantage over the Labor Party by 10%. The continuation of growth will also be directly related to the elections - to optimism about the deal with the EU. Another thing is that the deal is already considered "bad", but this issue will be raised by the markets a little later. Thus, we look forward to the results of the elections to the British Parliament on Thursday, December 12.
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.
