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Forex Analysis & Reviews: Forecast for GBP/USD on October 1,2019
time 01.10.2019 05:22 AM
time Relevance up to, 02.10.2019 05:15 AM

GBP/USD

On Monday, the pound briefly rose to the Fibonacci level of 200.0% (daily chart) and pulled back to Friday's low. At the same time, the Marlin indicator plunged into the negative trend zone. The previously defined goals for Fibonacci retracement remain: 1.2230 - reaction level 223.6%, 1.2150 - reaction level 238.2% near the embedded price channel line.

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Weak convergence on yesterday's price growth worked on the four-hour chart. With the price overcoming the low of Friday (1.2270), we look forward to a further decline to the designated target levels.

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Laurie Bailey,
Analytical expert of InstaForex
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