FX.co ★ Forecast for GBP/USD on February 7, 2020

GBP/USD

On Thursday, the British pound on average trading volumes pushed the January support around the Fibonacci level of 161.8%. At the moment, the price is in the area of the December minimum, and taking into account yesterday's volumes, we can assume that the bids for the pound are removed here as well. The market's immediate target is now the 138.2% Fibonacci level at 1.2820. Below is the target range of 1.2728/58, formed by the Fibonacci level of 123.6% and the maximum on June 12, 2019.

On the four-hour chart, the signal line of the Marlin oscillator lies in the horizontal range – this indicates that the price will consolidate for some time. Probably, the market is waiting for the evening data on employment in the United States. The forecast for the Non-Farm employment change is good: 163 thousand against 145 thousand in December. We are waiting for the decline to continue.