Forecast for GBP/USD on March 4, 2020

GBP/USD

Yesterday, the growth of the British pound was stopped at the Fibonacci level of 110.0% (1.2843). At the moment, technical indicators do not show any proactive signals of continued growth or a price reversal. The same situation of uncertainty in the political sphere, the results of trade talks between the UK and the EU should become known tomorrow.

On the four-hour chart, the signal line of the Marlin oscillator touched the boundary with the growth territory. There may be a downward turn from this line, but there may be continued growth.

In general, the situation is going down on both scales - the price is lower than the indicator lines, there are no warning reversal patterns. The pound may rise after the price overcomes the Fibonacci level of 110.0% (1.2904), a return to decline is likely after leaving the level of 123.6% at the price of 1.2760. We are waiting for news from Brussels where trade negotiations take place.

Analysis are provided by InstaForex