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26.02.202007:02 Forex Analysis & Reviews: Forecast for GBP/USD on February 26, 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 British pound worked out the target range of 1.3000/35 yesterday. On the daily chart, the signal line of the Marlin oscillator touched the resistance of the turquoise line of its own resistance. The price is stuck on the balance line. The probability of the price working off the trend line at the price of 1.3035 is still preserved.

Exchange Rates 26.02.2020 analysis

On the four-hour chart, the Marlin line is in no hurry to turn around, which creates the possibility of another price movement up to 1.3035. But in general, the correction took place, you still have to wait for conditions to form for opening short positions. The first sign will be to consolidate the price below the high on February 21. The signal will be fixed by the price going under the MACD line (1.2940). In this case, we are waiting for the pound at the first target 1.2842 – at the Fibonacci level of 110.0% and then at 1.2758 – at the level of 123.6%.

Exchange Rates 26.02.2020 analysis

Laurie Bailey
Analytical expert of InstaForex
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