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Forecast for GBP/USD on August 29, 2019

GBP/USD

The British pound at the time of yesterday’s fall was losing 133 points, reaching the first target of a 238.2% Fibonacci reaction. The Marlin Oscillator on the daily chart showed a reversal down.

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On the four-hour chart, the double divergence worked in all its splendor - the price attacked the support of the MACD line, the Marlin oscillator itself is completely in a downward position. Currently, the price is struggling with the support of the balance line (indicator red) and intends to gain a foothold below the MACD line. Success will lead to a repeated attack on the Fibonacci level of 238.2% of the daily scale, and consolidation below it opens up to 261.8% at the price of 1.2032 to the Fibonacci level.

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The material has been provided by InstaForex Company - www.instaforex.com
via Forecast for GBP/USD on August 29, 2019
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