05.02.202006:27 Forex Analyse & Reviews: Forecast for GBP/USD on February 5, 2020

GBP/USD

Yesterday, the British pound traded in the range of 106 points, eventually closing the day with an increase of 33 points. On the daily scale chart, the lower shadow price punctured the target level - a strong support of 1.2968. This is a sign of another impending attack on this support. Indicator readings confirm this intention of the price: on the daily chart, the price is confidently held under the indicator lines, and the Marlin oscillator is in the negative trend zone.

Exchange Rates 05.02.2020 analysis

On the four-hour chart, the price is held by the red balance indicator line - the trend remains downward. The Marlin oscillator is also in a downward trend.

Exchange Rates 05.02.2020 analysis

So, the nearest and most important task of the price now is to fix it below the level of 1.2968. After that, the road will open to the second target of 1.2820 on the Fibonacci level of 138.2% on the daily scale chart.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Uitgevoerd door Laurie Bailey,
Analytische expert
InstaForex Group © 2007-2020
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