Forecast for GBP/USD on Feb 28, 2020

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GBP/USD

A wide-range trade of 87 points took place for the British pound yesterday, but the price lost 14 points at the end of the day. The pound demonstrated its intention to follow the previous course without strong attention to the European panic (the euro jumped 120 points yesterday). The immediate goal remains the Fibonacci level of 110.0% at the price of 1.2842, then we expect the price at the Fibonacci level of 123.6% at the price of 1.2758.

On a four-hour scale, the upper limit of yesterday’s range was determined by the MACD line. At the moment, the price is held below the line of balance. The Marlin oscillator remains in the downward trend zone. We look forward to a further decline in the pound.

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The material has been provided by InstaForex Company – www.instaforex.com

Source:: Forecast for GBP/USD on February 28, 2020

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