Forecast for GBP/USD on September 10, 2019

GBP/USD

Against the background of a relatively calm market on Monday, the British pound was growing more than a figure in the moment after a joint conference of Boris Johnson and Irish Prime Minister Leo Varadkar. Virtually nothing of any importance was said, but the markets took it as a sign of softening Johnson's mood. The pound fulfilled the target 1.2381 (July 17 low) and today it slightly pulled back in the Asian session, forming a weakly expressed divergence on the Marlin oscillator on a smaller chart. At daily, Marlin showed its intention to turn down.

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The pound's first task when implementing a decreasing (and main) scenario will be to consolidate the price below the MACD line on the four-hour chart (1.2264), after which it is then possible to achieve important support for the daily scale 1.2188 - at the point where the price channel line coincides with the MACD indicator line. Leaving the price below opens the subsequent target at 1.2077-1.2107.

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The ability of the pound to gain a foothold over yesterday's high, which automatically means that a foothold above the signal level, of course, remains, because at the moment, an upward trend is being maintained in all indicators. In this case, growth to the magnetic point of coincidence of the price channel line and the Fibonacci level of 161.8% at the price of 1.2548 (daily) is possible.

The material has been provided by InstaForex Company - www.instaforex.com