empty
 
 
06.12.2019 05:44 AM
Forecast for GBP/USD on December 6, 2019

GBP/USD

The British pound reached the upper limit of the price channel yesterday, lasting since July 2014 (1.3147), today the price has exceeded this boundary and the price channel has lost its value. But the next goal - the Fibonacci level of 200.0% at the price of 1.3206, remains, and overcoming the level opens the second target at 223.6% at the price of 1.3352.

This image is no longer relevant

The indicators on the four-hour chart warn that the second target may be unattainable - the signal line of the Marlin oscillator went down from its own channel. Further price growth to the first target of 1.3206 will form a divergence on the oscillator and this will already be a full-fledged reversal pattern.

This image is no longer relevant

So, in the main scenario, we are expecting growth to 1.3206 and a pound reversal down to the nearest target of 1.2970 - Fibonacci level of 161.8% (daily).

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback