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10.04.202005:28 Forex Analysis & Reviews: Forecast for GBP/USD on April 10, 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 is slowly approaching the MACD line on the daily chart, where it expects a Fibonacci level of 123.6% to the area of 1.2560. The red balance line is also approaching the same point.

Exchange Rates 10.04.2020 analysis

Although there's a high probability that the price will reach this magnetic point, a reversal, in the form of a medium-term decline, is still possible.

On the four-hour chart, the situation is completely upwards; the price is above the indicator lines, and the Marlin oscillator is growing in the zone of positive values.

Exchange Rates 10.04.2020 analysis

The first sign of the pound's reversal is the price falling below the MACD line, approximately at the level of 1.2345. After that, we expect it to go to the Fibonacci level of 161.8% (1.2235), consolidate below it, and drop further to the Fibonacci level of 200.0% at the price of 1.1935.

Laurie Bailey
Analytical expert of InstaForex
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