FX.co ★ Forecast for GBP/USD on June 24, 2020

GBP/USD

The British pound traded in the range of Fibonacci levels of 138.2-123.6% on Tuesday, closing the day at the upper level of 123.6%. The signal line of the Marlin oscillator shows the intention to turn down from the border of the growth territory on the daily chart. As a result, the price faced a choice: either a further increase to 1.2644, or a decrease to 1.2422 with the prospect of a further fall to 1.2235.

The price shows the first signs of a reversal from the Fibonacci level of 123.6% with the Marlin oscillator unfolding on the four-hour chart. The reversal will be consolidated, however, not before reaching the Fibonacci level of 138.2% (1.2422), that is, the reversal will form for a little more than a hundred points. But then the price opens up the prospect of a fall of another 180-200 points, and this will only be the immediate goal (1.2235).

The price needs to go above the MACD line to continue growth, above 1.2565. We are waiting for the development of events.