FX.co ★ Forecast for GBP/USD on March 2, 2020

GBP/USD

On Friday, after the release of optimistic economic indicators for the United States, the pound sterling reached a 155-point drop. The 1.2758 target for the Fibonacci reaction level of 123.6% was fulfilled, after which the price went to a correction. Personal incomes of consumers in the US increased by 0.6% in January, expenses increased by 0.2%, business activity in the manufacturing sector of the Chicago region in February amounted to 49.0 points against 42.9 a month earlier. The trade balance in January recovered from -68.7 billion to -65.5 billion.

According to the Marlin oscillator, convergence began to form on the daily chart. The immediate goal of growth is the Fibonacci level 1.2904 (December 23 low).

The four-hour chart also has Marlin convergence. Target level 1.2904 coincides with the MACD line approaching it.

Minutes from the last meeting of the Bank of England will be published tomorrow. Perhaps there will be indications of a change in monetary policy (that is, a decrease in the rate) against the backdrop of all world problems. The next BoE meeting will be on March 26.