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20.04.2020 04:43 AM
Forecast for GBP/USD on April 20, 2020

GBP/USD

The pound grew by 66 points last Friday, finding the MACD line with strong resistance and retreating from it by the end of the day. Today, it begins with a fall.

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The signal line of the Marlin oscillator is turning down more and more clearly. For a more pronounced downward movement of the price, it is necessary to overcome Friday's low of 1.2405, which will be a condition for a fall to the Fibonacci level of 161.8% at the price of 1.2235. Furthermore, it is possible to fall to the Fibonacci level of 200.0% at the price of 1.1935.

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The price is below the balance indicator line on the H4 chart - the market balance is clearly declining. The Marlin oscillator is in the negative trend zone. We look forward to pulling down the British pound further.

Laurie Bailey,
Analytical expert of InstaForex
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