FX.co ★ Forecast for GBP/USD on June 4, 2020

GBP/USD

The British pound did not reach the target level of 1.2644 in terms of the Fibonacci level of 110.0%. The reversal that started yesterday began again today in the Asian session. The nearest decline target is the Fibonacci level of 138.2% at the price of 1.2424. Behind it, the target is 1.2237 at a Fibonacci level of 161.8%. The Marlin oscillator is turning down, and, being a leading indicator, it indicated a reversal on Tuesday.

As seen on the H4 chart, the Marlin oscillator is declining rapidly which is a sign that the price is still set to hit the Fibonacci level of 138.2%. Moreover, the MACD line is also approaching this level. Therefore, if the pair breaks this strong support at 1.2424, it will pave the way to 1.2237.