empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

23.04.202005:22 Forex Analysis & Reviews: Forecast for GBP/USD on April 23, 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 sterling has been trading in a range bounded by a Fibonacci level of 161.8% at the bottom and a Fibonacci level of 138.2% at the top, where the MACD line is approaching on the daily chart.

Exchange Rates 23.04.2020 analysis

In the main scenario, we expect the price to go below the lower level of 1.2235 and the pound to move to the price of 1.1935 at the Fibonacci level of 200.0%. Then it is possible to continue the downward branch to the Fibonacci level of 223.6% at the price of 1.1750. In this scenario, the price could rise to 1.2422, where it will meet strong resistance from the matching Fibonacci and MACD lines.

The alternative scenario will take effect if the price is consolidated above 1.2422, then the growth can continue to 1.2725 – up to the Fibonacci level of 100.0%. But the growth could be less, up to any of the Fibonacci levels located in front of the price. This creates its own risk of uncertainty in growth.

Exchange Rates 23.04.2020 analysis

The trend continues to decline on the four-hour chart despite the growing Marlin indicator, since it has not formed reversal patterns and, in this case, is simply moving behind the price.

We are waiting for the price to overcome the Fibonacci level of 161.8% at the price of 1.2235, after which it is possible to open sales with the target of 1.1935.

Laurie Bailey
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off