Forecast for GBP/USD on December 4, 2019

GBP/USD

The British pound reached the top target of 0.0% on the Fibonacci chart on the daily chart. At the same time, the Marlin oscillator moved into the growth zone and the target of 1.3145, the resistance of the price channel line, was open. Only one bearish factor remains - if the price nevertheless hypothetically forms the fourth peak, then the price will fall today. The aim of the decrease will be the correction level of 23.6%, to which the MACD line (blue indicator has already approached.

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On a four-hour chart, the price is waiting for new impulses at the Fibonacci level of 110.0%. An impulse down (a decline with consolidation at 100.0%) will send the price to the first bearish target of 1.2926 (Fibonacci level 76.4%). An impulsive rise will make it possible for the price to consolidate above 1.3012 with a view to further growth to 1.3145.

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