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03.02.202006:06 Forex Analysis & Reviews: Forecast for GBP/USD on February 3, 2020

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GBP/USD

The pound rose 110 points on Friday amid the general weakening of the dollar. Growth stopped exactly at the Fibonacci level of 200.0%. Today the market opened with a window (gap) down, which becomes a sign of another upward price surge for its closure and likely testing the MACD line (1.3227). But growth may not end there. Overcoming the MACD line opens the target at the top of December 31, 1.3284, then growth to the Fibonacci level of 223.6% at the price of 1.3352 may follow.

A sign of such strong potential growth is the upward movement of the Marlin oscillator signal line from its own wedge-shaped structure.

A gap in the quote at the opening on the technical side can be a sign of a reversal, since the four-hour chart may form an oscillator divergence when the window is closed. In this case, leaving the triangle on daily may be a false signal.

So, for the British pound, it remains to wait for either a reversal pattern to form or price consolidation above 1.3227.

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