Forecast for GBP/USD on April 3, 2020

GBP/USD

The British pound has been moving sideways for five sessions along the 138.2% Fibonacci line. The short-term price drop on March 31 does not break the overall picture. If the price goes out of the range, it will trigger a further increase in the price to the Fibonacci levels of 123.6% and 110.0% - to the prices of 1.2540 and 1.2645, respectively. The resistance of the second target is boosted by the approaching MACD line. The targets of the downward movement are the Fibonacci levels of 161.8% and 200.0% at the price levels of 1.2235 and 1.1935.

analytics5e86d0dfc9065.jpg

We will highlight the signal levels on a smaller scale chart. These are: 1.2484 - March 27 peak and 1.2329 - April 1 low. Accordingly, at the moment of overcoming the price of 1.2484, purchases with goals up to 1.2645 are possible, with overcoming the price of 1.2329, it is advised to open sales with the goal of 1.1935. The intermediate target is 1.2030, which the MACD line is aiming for. If the price reverses from this level, it is advisable to close a short position.

analytics5e86d0f3b081d.jpg

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