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MT5.com - Forecast for GBP/USD on August 3, 2020

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Forex Analysis:::2020-08-03

Forecast for GBP/USD on August 3, 2020

GBP/USD

The pound sterling showed the first black candlestick in the last ten sessions on the daily chart last Friday. It is known from practice that this pattern - a black candlestick after the previous ten white ones (and vice versa) - is often a reversal signal - either to a deep correction or to a trend change. The Marlin oscillator showed a reversal from the overbought zone. This is probably the desire to reach the target level of 1.2912, which coincides not only with the Fibonacci level of 76.4%, but also with the low on December 23, 2019.

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It is noticeable that since the price reached the 1.2912 level on the 4-hour chart, this will result in the price moving under the MACD line, which will become an additional technical factor for a further decline, and the next target at 1.2725 is the 100.0% Fibonacci level, correlating with the February 28 low. We are waiting for confirmation of the British pound reversal. And although the trend is steady upward, it is dangerous to buy.

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Laurie Bailey
Analyst InstaForex
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