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24.12.201905:57 Forex Analysis & Reviews: Forecast for GBP/USD for December 24, 2019

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GBP/USD

On Monday, the British pound easily overcame the support of the MACD indicator line and the Fibonacci level of 161.8% on the daily scale chart. The next target of 1.2820, defined by the Fibonacci level of 138.2% is open. After that, the next target will be the Fibonacci level of 123.6% at 1.2730. The Marlin oscillator is steadily decreasing.

As seen on the four-hour chart on the Marlin oscillator, a double convergence has formed, but it can be pushed by the dynamics of the higher timeframe. In the case of working out the convergence of corrective growth, the movement is likely to be not large, as it is hindered by yesterday's resistance levels, and now the price is in the November consolidation zone, and it would be more logical for the market to work out its entire range, at least up to 1.2820.

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