Forecast for GBP/USD on June 19, 2020


The Bank of England increased its asset repurchase program to its balance sheet by £ 100 billion on Thursday, bringing the total program to £745 billion. As a result, the pound closed the day by going down 132 points. The price fulfilled the target at the Fibonacci level of 138.2%. Marlin has infiltrated the declining trend zone, while the price is below the balance indicator line. The purpose of the decline is formed by the range of the Fibonacci level of 161.8% (1.2237) and the MACD line (1.2185).


The price is consolidating below the Fibonacci level of 138.2% on the four-hour chart, the Marlin oscillator is in the zone of negative values. Convergence can form on the oscillator, but it could also be suppressed by a stronger trend on the daily scale. Consolidating the price under yesterday's low (1.2401) will be a signal for the pound to move to the specified target of 1.2185-1.2237.


The material has been provided by InstaForex Company -