On Tuesday, the pound fell by 70 points and overcame the support of the MACD indicator line on the daily scale chart. The reason was the concern of investors about the reluctance of the UK to extend the transition period during Brexit, as the next round of negotiations has begun, and the parties have almost no concrete plans for today.
The Marlin oscillator has entered the “bearish” trend zone. To consolidate the trend of today’s session, it remains to close under the MACD line. The nearest target of the decline is the Fibonacci level of 200.0% at the price of 1.1935. It is followed by the second target for the Fibonacci level of 223.6% at 1.1750.
On the four-hour chart, the price is already fixed under the MACD line. Marlin is developing in the area of the descending trend.
It is possible to open short positions on the market with a stop above yesterday’s maximum.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: Forecast for GBP/USD on May 13, 2020