Forecast for GBP/USD on July 27, 2020


The pound sterling crossed the June 10 high at 1.2812 this morning. At first glance, it has a target of 1.2912 at the Fibonacci level of 76.4% before it, but the target may not be achieved, since the price is already showing the first signs of divergence with the Marlin oscillator. Also, on the way to 1.2912, the price has two record resistance levels: 1.2848 - February 20 low and 1.2871 - February 10 low. At the moment, the price is at the lows of November 25-27, 2019.


The price with Marlin also shows the first intention to form a divergence on the four-hour chart. As already noted, it is difficult to determine further price growth, but if the price consolidates below the Fibonacci level of 100.0%, and coincides with the MACD line at 1.2724, then we can expect a further price decline to the targets of 1.2646 and further to 1.2540, also determined by the levels Fibonacci on the basic branch of the movement December 13, 2019-February 28, 2020.


The material has been provided by InstaForex Company -