Forecast for GBP/USD on March 3, 2020

GBP/USD
The quote of the British pound remained at the Fibonacci level of 123.6% for two days. Investors are waiting for news from the negotiations of the British delegation with European politicians. The current stage of negotiations will end on Thursday. Consolidating the price under yesterday's low opens the target at the Fibonacci level of 138.2% at the price of 1.2670. The second target is 161.8% at 1.2530. It is also possible to continue trading in the range, then the price can once again be marked at the Fibonacci level of 110.0% (1.2844).

On the four-hour chart, the signal line of the Marlin oscillator is moving up, which may be a warning of another local increase before the medium-term decrease (potential, expected). Here, the resistance is the MACD line, which moves to the Fibonacci level of 110.0%. The Marlin oscillator by this time will reach the boundary with the growth territory and will turn down from it.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex