15.12.202004:56 Forex Analysis & Reviews: Forecast for GBP/USD on December 15, 2020

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GBP/USD

The pound undertook a desperate gain yesterday on below average trading volumes, which ultimately turned the price to the downside. From a technical point of view, the price was unable to gain a foothold in the range of the struggle of interests on December 1-9 (1.3395-1.3495), when the volumes were also higher. The signal line of the Marlin oscillator continues to stay in the negative zone. We are waiting for the price to return to the support of the MACD line at 1.3225. Getting the pair to settle below the level opens the way to the Nov 12 low at 1.3108.

The four-hour chart shows that the price repeated the pattern with a false exit over the MACD line from December 9th. The same pattern is observed in the Marlin oscillator. As a result, we expect the price to fall to the designated target levels, especially since Monday's gap remains open.

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