Forecast for GBP/USD on April 6, 2020

GBP/USD

The British pound fell by 128 points on Friday, stopping at the Fibonacci level of 161.8%. The Marlin oscillator still needs to fall by a few in order to be in the negative trend zone. The 1.1935 target is maintained.

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The H4 chart shows a slight consolidation at the Fibonacci level of 161.8%. Even today, it is possible to move down with the nearest goal of 1.2065 - to support the MACD line. Overcoming this line will continue the trend towards the goal of 1.1935.

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Opening a short position is possible after overcoming the lower consolidation limit of 1.2204. Stop loss is higher than today's peak.

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