Forecast for GBP/USD on July 6, 2020


The price slightly rebounded from the balance indicator line on the daily scale chart on Friday. This rebound was confirmed since the market opened today, and the price continues to grow from it. The signal line of the Marlin oscillator is consolidated directly in front of the border of the bulls' territory, the transition of this signal line to the zone of positive values will form a growing trend until the end. Growth targets are correctly determined by the Fibonacci levels: 1.2540 (123.6%) and 1.2645 (110.0%).


The price continues to rise above the balance line (indicator red) and the Krusenstern line (blue) on the four-hour scale chart. Marlin horizontally moves in the area of a growing trend. It will be difficult for the market to turn the tide of growth in this situation, it will need to go under the MACD line (1.2370), and this is a decrease from the current price of 113 points, breaking the intermediate support of 1.2424 at the Fibonacci level 138.2%.


So, we are waiting for growth to continue towards the goals of 1.2540 and 1.2645.

The material has been provided by InstaForex Company -