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15.06.202004:51 Forex Analysis & Reviews: Forecast for GBP/USD on June 15, 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 fell 63 points on Friday, breaking the support of the Fibonacci level of 123.6%. The pound's nearest target is the Fibonacci level of 138.2%, then 161.8%. But there is one nuance here - the signal line of the Marlin oscillator came close to the border of the bears' territory, and this border is an independent level of support and resistance, which can provoke a corrective reversal of the oscillator line and the price itself. Marlin's transition to a negative trend will occur when the price overcomes the Friday low of 1.2473.

Exchange Rates 15.06.2020 analysis

The price is declining without signs of a reversal (correction) on the H4 chart. These signs are more likely to appear when the price reaches the target level of 1.2424.

Exchange Rates 15.06.2020 analysis

Laurie Bailey
Analytical expert of InstaForex
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