FX.co ★ Forecast for GBP/USD on February 6, 2020

GBP/USD

As seen on the daily chart, the pound turned down yesterday from the resistance of the balance line, which is interpreted as the price development in the last three days in a downward trend. The price once again tried the strength of the support at the Fibonacci level of 161.8% (1.2968). Also, today in the Asian session, the price makes a repeated attack on it. Success in this opens the way to the second target for the Fibonacci level of 138.2% at the price of 1.2820.

On the four-hour chart, the price has reversed exactly from the MACD line. This is a sign of a high probability of overcoming such important support as the Fibonacci level of 161.8%. Marlin also made a precise reversal from the border with growth territory. We are waiting for the price to be fixed at 1.2968 and the further decline of the British pound.