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08.01.202005:17 Forex Analysis & Reviews: Forecast for GBP/USD on January 8, 2020

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GBP/USD

On Tuesday, the British pound fulfilled the 1.3205 correction target for the Fibonacci level of 200.0% on the daily chart, and from it under pressure from the dollar (the dollar index strengthened by 0.35%) it turned down with the current support of the MACD line being pushed through (blue indicator) . The Marlin oscillator is attacking the boundary with the bears' territory.

After the price drops below yesterday's low, the nearest target of 1.2820 at the Fibonacci level of 138.2% will open. This level corresponds to the lower boundary of the October consolidation.

The intermediate goal of the decline is the coincidence point of the MACD line with the Fibonacci level of 23.6% on the H4 chart (1.3050). Consolidating below it will strengthen the pound's fall. The signal line of the Marlin oscillator turned down from the boundary with the growth territory.

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