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09.01.202005:00 Forex Analysis & Reviews: Forecast for GBP/USD on January 9,2020

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GBP/USD

The British pound moderately reacted to the strengthening of the dollar (dollar index 0.39%) yesterday, having lost only 25 points, but from the technical side it gave important signals to continue the decline. The price went below the MACD line on the daily chart, and it should close below it today in order to gain a foothold under this line and confirm the condition for a decline to 1.2820. The target is determined by the Fibonacci level of 138.2% on the baseline on September 3-20. The Marlin oscillator has entered the zone of negative values.

On the four-hour chart, the Marlin signal line moves horizontally under the boundary with the growth zone, the price is above the MACD line (blue), but below the balance line (red), which means that market sentiment is shifting towards selling and the intention to attack the support of the MACD line in the near future. Success, that is, the price to fall below 1.3054, opens the way to 1.2820.

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