Forecast for GBP/USD on June 16, 2020

GBP/USD

One technical bullish aspect managed to work out yesterday, to which we paid attention - this is the reversal of the signal line of the Marlin oscillator from the border of the declining trend territory. The signal line reversal occurred (marked by an arrow on the daily chart), the pound rose by 195 points from yesterday's low to the height of today's Asian session.

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The price was recorded at the Fibonacci level of 110.0%, now the choice is to move down or continue rising to the Fibonacci level of 100.0% (1.2725), so that in the future there will be the possibility of even higher growth to 1.2914 (Fibonacci level of 76.4% )

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The price is close to the resistance of the MACD on the four-hour scope, Marlin line in the growing trend zone. There will probably be an attempt to break through to 1.2725. But only time will tell whether it will turn out successful or not. The Bank of England is set to hold a meeting on Thursday and then the price will determine the choice of direction. The current situation is not trading.

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