For Traders

Analytical Reviews

Technical analysis

20.03.202005:26 Forex Analysis & Reviews: Forecast for GBP/USD on March 20, 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 completed an 8-day 16-figure(!) drop in the range of Fibonacci levels of 271.0-261.8%. Today, the pound is steadily correcting upwards; Fibonacci levels are the target growth targets: 223.6% (1.1750), 200.0% (1.1935). The Marlin oscillator leaves the oversold zone. But this strength and speed of the oscillator's turn also speaks of its ultrafast discharge, which later can help the indicator return to the downward movement just as quickly. We are waiting for the British pound to fall after the correction is completed.

The Marlin formed a fast (and probably weak) convergence on the four-hour chart. We are not yet considering a price increase above the Fibonacci level of 200.0%, since the MACD line is moving towards it, and when meeting with it, it will significantly increase resistance.

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.