Forecast for GBP/USD on July 23, 2020


The British pound briefly "magnetized" to the Fibonacci level of 100.0% (the February 28 low), it is very possible for the target to move with accelerated pace to the lower goals of 1.2646, 1.2540. Yesterday, the Fibonacci level of 110.0% (1.2646) reached the lower shadow on the daily chart. The Marlin oscillator begins to turn down, which increases the chances of a price reversal, but this is still only a prerequisite.


The current situation is still rising, and the 1.2812 target is still relevant. And mathematically, the probability of continuing growth is 60%. On the other hand, a confirmation of the price's intent to reach 1.2812 is overcoming the July 21 high at 1.2767, which is very close to the target level.


The first reversal sign is when the price falls under the MACD line on the four-hour chart, around the 1.2680 mark.

In the end, we expect that the mathematical probability of a decline will become predominant in the coming days, and there will be signals to sell.

The material has been provided by InstaForex Company -