FX.co ★ Forecast for GBP/USD on September 5, 2019

GBP/USD

Yesterday, the British Parliament passed a law on the postponement of Brexit until the end of the year, in response, Boris Johnson introduced a bill on re-election on October 15. The pound grew by 170 points at the end of the day.

On the daily chart, the price went above the Fibonacci level of 223.6% and above the MACD line, leaving the price channel line deep below (1.2202). Now the pound is open at 1.2381 - July 17 low, slightly above the Fibonacci level of 200.0%.

On a four-hour scale, the price consolidated above the indicator lines of balance and MACD, the situation is completely upward. Leaving the price below 1.2202 will provoke a fall in the range of short-term consolidation 1.2077-1.2107.