Forecast for GBP/USD on January 28, 2020


The pound fell by 16 points on Monday, gaining a foothold on the daily chart below the balance line indicator. The signal line of the Marlin oscillator has been staying in the negative zone since yesterday. The goals remain the same: 1.2968 for the Fibonacci level of 161.8% and 1.2820 - the Fibonacci level of 138.2%.


On a four-hour chart, the price consolidated below both indicator lines - the balance and MACD lines, staying at the correction level of 23.6%. The market has only one reason for its reluctance to sell the pound - to wait for the Bank of England's decision on monetary policy on Thursday, or rather, Mark Carney's explanation of the regulator's intentions, since a possible rate cut in the near future has already been mentioned. Here an unexpected positive (rejection of such an intention) can raise the price to the Fibonacci level of 200.0% on a daily scale (1.3207).


The material has been provided by InstaForex Company -