FX.co ★ Forecast for GBP/USD on February 24, 2020

GBP/USD

The pound grew by 75 points on Friday, amid the general weakening of the dollar, reaching the resistance of the balance line on the daily chart.

Convergence was formed according to the Marlin oscillator; its refinement by the indicator itself can stretch to the upper limit of its own resistance, indicated by the azure color line. On the price chart, this development coincides with the Fibonacci level of 76.4% at the price of 1.3046, which coincides with the resistance of the trend line drawn at the highs of December 13 and January 31 (also azure). The price should go above Friday's high in order to work out such a scenario.

The price is on the MACD line on the four-hour chart, the signal line of the Marlin oscillator on the boundary with the territory of the bears. Consolidating the price under the line will return the trend to the main one - a decrease to 1.2842 and further to 1.2758.