Forecast for GBP/USD on October 3, 2019

GBP/USD

The British pound for the second time tested the support of the Fibonacci level of 223.6% yesterday, but unlike Tuesday, the momentum was weaker, the day again closed near the opening of the week. The Marlin oscillator on the daily chart continues to slowly decline.

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On the four-hour chart, the price also stopped at the resistance of the balance line. The trend continues to decline despite the exit of the Marlin oscillator in the growth zone, as it may indicate a possible growth until above the MACD line (1.2375). The exit of the price above this line can already indicate a more serious mood of the market - to the line of the price channel with the goal of 1.2495.

Consolidating the price below 1.2230 will finally open the target of 1.2144 - support for the price channel line on the daily scale chart.

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