FX.co ★ Forecast for GBP/USD on April 16, 2020

GBP/USD

The warning reversal signals of the Marlin oscillator, which we mentioned in yesterday's review, turned out to be correct. The price did not grow any further and sharply fell, failing to reach the Fibonacci level of 138.2%. The price returned to the area below the MACD line on the daily chart, which indicates false growth on Tuesday and, as a consequence, the prospect of a decline in the medium term. Fibonacci levels of 161.8% and 200.0% at price levels of 1.2235 and 1.1935, respectively, become the nearest significant targets.

The price has consolidated below the MACD line on the four-hour chart. Yesterday there was even a retest of this line from below, which strengthened the resistance. The Marlin oscillator is in the negative zone, that is, a declining trend. A signal of further decline, to the first target 1.2235 will be when the price drifts under yesterday's low of 1.2435.