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20.02.202005:57 Forex Analysis & Reviews: Forecast for GBP/USD on February 20, 2020

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GBP/USD

The pound fell by 75 points yesterday, the price noted a low of December 23 and is now ready for further movement towards the previously identified goals at 1.2845 (110.0% Fibonacci level), 1.2758 (123.6%). The price on the daily chart is below the lines of balance and MACD, the Marlin oscillator is falling in the zone of negative values.

On the four-hour chart, the price has consolidated under the MACD line, Marlin is also in a stable falling position. We look forward to the pound declining further.

But today there may be a slight delay in the planned decline. In the afternoon, data on retail sales in the UK for January are released, the forecast for them is 0.7% versus -0.6% in December, the balance of production orders for the current month may also slightly improve - the forecast is -19 versus -22 in January. Technically, it will be consolidation in the range of February 10th.

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