For Traders

Analytical Reviews

Technical analysis

03.04.202005:22 Forex Analysis & Reviews: Forecast for GBP/USD on April 3, 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 has been moving sideways for five sessions along the 138.2% Fibonacci line. The short-term price drop on March 31 does not break the overall picture. If the price goes out of the range, it will trigger a further increase in the price to the Fibonacci levels of 123.6% and 110.0% - to the prices of 1.2540 and 1.2645, respectively. The resistance of the second target is boosted by the approaching MACD line. The targets of the downward movement are the Fibonacci levels of 161.8% and 200.0% at the price levels of 1.2235 and 1.1935.

We will highlight the signal levels on a smaller scale chart. These are: 1.2484 - March 27 peak and 1.2329 - April 1 low. Accordingly, at the moment of overcoming the price of 1.2484, purchases with goals up to 1.2645 are possible, with overcoming the price of 1.2329, it is advised to open sales with the goal of 1.1935. The intermediate target is 1.2030, which the MACD line is aiming for. If the price reverses from this level, it is advisable to close a short position.

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.