Forecast for GBP/USD on March 23, 2020

GBP/USD

The pound sterling showed increased volatility on Friday (range of the day is 530 points!) and worked out the expected correction to the Fibonacci level of 200.0% at the price of 1.1935 on the same day. If the correction is considered completed, then the price will reach the target level of 1.1375 at the Fibonacci level of 271.0% by today or tomorrow. Consolidation below the level will open the second target at the level of 314.0% at the price of 1.1035.

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On the four-hour chart, the signal line of the Marlin oscillator was already in the zone of positive values, it is currently at the boundary of the growth and decrease zones and is waiting for a signal from the market - the position is guided. Before the decline continues, a price increase is possible with the development of the resistance of the MACD line, slightly higher than the Fibonacci level of 200.0%, possibly 1.2000 - to the low of March 17, where the price will meet with the MACD line.

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