Forecast for GBP/USD on January 7, 2020

GBP/USD

Despite yesterday's weakening of the dollar index by 0.08%, the British pound failed to show growth and fell by 17 points. The price failed to settle above the target level of 1.3624, this morning it shows an intention to resume the decline. For a more confident decline, the transition of the Marlin oscillator to the zone of negative values on the daily chart will not be enough. This will happen after the price drops below the January 4 and 6 lows (1.3537). In this case, the target will open at 1.3345 - MACD line for the daily.

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The price breaks under the MACD line on the four-hour chart, while the Marlin is in the bears' territory. We are waiting for a sell signal to appear - the price moves below the signal level of 1.3537.

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The material has been provided by InstaForex Company - www.instaforex.com