For Traders

Analytical Reviews

Technical analysis

24.02.202007:10 Forex Analysis & Reviews: Forecast for GBP/USD on February 24, 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 pound grew by 75 points on Friday, amid the general weakening of the dollar, reaching the resistance of the balance line on the daily chart.

Convergence was formed according to the Marlin oscillator; its refinement by the indicator itself can stretch to the upper limit of its own resistance, indicated by the azure color line. On the price chart, this development coincides with the Fibonacci level of 76.4% at the price of 1.3046, which coincides with the resistance of the trend line drawn at the highs of December 13 and January 31 (also azure). The price should go above Friday's high in order to work out such a scenario.

The price is on the MACD line on the four-hour chart, the signal line of the Marlin oscillator on the boundary with the territory of the bears. Consolidating the price under the line will return the trend to the main one - a decrease to 1.2842 and further to 1.2758.

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.