Forecast for GBP/USD on March 10, 2020

GBP/USD

Over the past five days of growth, the British pound corrected almost 61.8% of the previous 11-week uneven decline. The price failed to gain a foothold above the MACD line (blue indicator) on the daily chart and now, with the agreed reversal of the Marlin oscillator, it is slowly restoring a return to the downward trend.

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For a full recovery, the price must be fixed under the Fibonacci level of 76.4% (1.2913), which coincides with the minimum on December 23, then the price can reach the reaction level of 110.0% at the price of 1.2647.

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As seen on the four-hour chart, the MACD indicator line coincides with the Fibonacci level of 76.4% (actually 23.6%, since the grid is inverted). Anchoring it will confirm the market's ability to continue the decline.

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