GBP / USD forecast for April 27, 2020

GBP / USD

The British pound has been growing unevenly over the past four days to the point that the Fibonacci level 138.2% coincides with the MACD line, which is at the price level of 1.2425. With its development, price may turn down to targets 1.2235 and 1.1935 - Fibonacci levels of 161.8% and 200.0%. On the other hand, consolidation at the level of 1.2425 opens up growth to the upper target levels adopted at Fibonacci levels: 1.2540, 1.2645, 1.2725.

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On the four-hour chart, the price exceeded the balance indicator line, and the Marlin oscillator is also growing. At first glance, the price has significant potential for growth, however, the technical levels of the higher scale may turn out to be stronger, so a reversal is also possible. Nevertheless, we are waiting for the development of events and are not in a hurry to open trading positions.

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