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MT5.com - Forecast for GBP/USD on December 3, 2019

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Forex Analysis:::2019-12-03

Forecast for GBP/USD on December 3, 2019

GBP/USD

The British pound showed passive growth, despite yesterday's small market storm set up by Donald Trump with a rise in steel and aluminum duties for Brazil and Argentina. The price is currently at the close of Friday. Weak growth, or rather, the length of consolidation, is already putting downward pressure on the price - the Marlin oscillator signal line on the daily shows a reversal from the boundary with the growth territory. The purpose of the decline, as it was before, is the intersection point of the MACD line with a correction level of 23.6% at the price of 1.2765. The growth limit is determined by the starting point of consolidation from October 21 at the price of 1.3012.

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On the H4 chart, the Marlin indicator is hovering above the zero neutral line. With further inaction on the part of the market, the signal line will go into the negative zone and create a technical impetus for the price to move down. Consolidating the quote at 1.2895 - under the MACD line and the correction level of 61.8%, will be the first signal to move to the first target 1.2817 (Fibonacci 23.6%). Next, a daily target of 1.2765 opens.

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Laurie Bailey
Analyst InstaForex
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