Forecast for GBP/USD on January 15, 2020

GBP/USD

The British pound slightly grew on Tuesday, on track for closing the gap open on Monday. About 40 points remain until the task is completed. There is data on inflation for December in the UK. The basic and general CPIs are projected unchanged at 1.7% YOY and 1.5% YOY, retail prices may rise from 2.2% YOY to 2.3% YOY, residential property price index is expected to grow from 0.7% YOY to 1.1% YOY. If the indicators come out better than expected, the pound may overlap the gap to some extent. The retail sales forecast for basic sales of 0.5% and 0.3% for the general market will be released in the US tomorrow. The data may trigger the pound into a new wave of decline, where the first target is the Fibonacci level of 138.2% at the price of 1.2820. The margin of the Marlin oscillator signal line to the boundary with the growth territory allows the price to safely complete the correction.

analytics5e1e8885037d2.png

The Marlin convergence worked on a four-hour chart - the price went up. The signal line of the indicator is already in the growth zone, which provides strength to the price to continue growth with a temporary exit above the MACD line....

analytics5e1e889b51063.png

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