Forecast for GBP/USD on March 20, 2020

GBP/USD

The British pound completed an 8-day 16-figure(!) drop in the range of Fibonacci levels of 271.0-261.8%. Today, the pound is steadily correcting upwards; Fibonacci levels are the target growth targets: 223.6% (1.1750), 200.0% (1.1935). The Marlin oscillator leaves the oversold zone. But this strength and speed of the oscillator's turn also speaks of its ultrafast discharge, which later can help the indicator return to the downward movement just as quickly. We are waiting for the British pound to fall after the correction is completed.

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The Marlin formed a fast (and probably weak) convergence on the four-hour chart. We are not yet considering a price increase above the Fibonacci level of 200.0%, since the MACD line is moving towards it, and when meeting with it, it will significantly increase resistance.

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