Forecast for GBP/USD on July 1, 2020


The pound sterling slightly fell short of its first goal of 1.2230 as the junction between the Fibonacci level of 161.8% and the MACD line on the daily chart. The price went above the balance indicator line, which indicates the potential for the market to grow even higher, an attempt to overcome the Fibonacci level of 138.2%. Success can bring the price to the Fibonacci line 123.6% at the price of 1.2540. The weak point of this scenario is the Marlin oscillator; it has not yet shown its intention to enter the growth zone.


The price stopped growing at the resistance of the MACD line on the H4 chart. The Marlin oscillator in the growth zone. The price exit above the Fibonacci level of 138.2% (1.2424) will be the first condition for further growth to the target of 1.2540. A price fall below the signal level of 1.2335 (June 22 low) will become a condition and a signal to move up to 1.2230.


The material has been provided by InstaForex Company -