Forecast for GBP/USD on on March 6, 2020


The pound rose 83 points on Thursday and entered the uncertainty zone, limited by Fibonacci levels of 100.0-76.4% on the daily chart. This range is indicated by a gray rectangle. The graph shows that the price in it has unpredictably moved since December 23. Purely technical, the price shows an intention to work out the upper limit of the range or to even slightly move above it, having worked out the resistance of the MACD line in the price area of 1.3080. The signal line of the Marlin oscillator looks stable in the positive trend zone. The growth of the pair looks predominant.


The indicators have not created reversal patterns on the H4 chart by the current moment, the only sign of a correction or reversal that can develop and work out is the appearance of a reversal of the signal line of the Marlin oscillator in the overbought zone.


The impetus for such a reversal might come from today's data on labor in the United States. Non-Farm Employment Change is projected at 175 thousand and wage growth of 0.3%, which is in force to send the pound in a downward correction. The purpose of the decline: 1.2880 - support for the MACD line on H4, 1.2843 - Fibonacci level of 110.0%, 1.2760 - Fibonacci level of 123.6%, but this is the intention to continue to fall in the medium term.

The material has been provided by InstaForex Company -