For Traders

Analytical Reviews

Technical analysis

06.01.202005:06 Forex Analysis & Reviews: Forecast for GBP/USD on January 6, 2020

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 closed Friday by a decrease of 55 points, having met support from the MACD line on the daily chart. Overcoming this support, that is, consolidating the price below the Friday low, opens the target of 1.2820 - the Fibonacci reaction level of 138.2% on the daily chart. The signal line of the Marlin oscillator is slightly in the negative territory, but a local reversal of the line from the border could lead the pound to corrective growth to the Fibonacci level of 200.0% at the price of 1.3205.

On the four-hour chart, Friday's growth was also delayed by the MACD line, and already with the support of the Fibonacci level of 23.6%. The level of 1.3050 is strategic; consolidating the price below it will strengthen the subsequent fall of the British pound.

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.