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11.12.201905:03 Forex Analysis & Reviews: Forecast for GBP/USD on December 11, 2019

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GBP/USD

The pound reached the target of 1.3206 at the Fibonacci level of 200.0% on Tuesday and sharply turned down from it. The convergence on the Marlin oscillator is almost ready, it remains only to wait for its confirmation. Formally, such a confirmation will be a price drop below the Fibonacci level of 161.8% (1.2968).

On the four-hour chart, the expected convergence formed in a strongly inclined form, after the signal line went into the negative zone. This is a strong reversal pattern. The stop of the price reduction occurred on the MACD line.

Here the price may be delayed until the news from the Federal Reserve meeting. Price fall below the MACD line (1.3104) opens the target at 1.2968. Consolidating the price at 1.2968 tomorrow will indicate that the pound is overestimated at current levels, in anticipation of the outcome of parliamentary elections in the UK and the results will be known on Friday morning.

So, we anticipate the British pound at the price of 1.2968 tomorrow.

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