GBP/USD
Last Friday, the pound rose by 77 points at the moment, but since it found the resistance of the Fibonacci level of 50.0% quite solid, it pulled back and closed the day by gaining 20 points. To develop a downward movement, the price needs to gain a foothold under the Fibonacci level of 61.8% (1.3028). The first target will be the Fibonacci level of 76.4% at 1.2912, then 100.0% at 1.27. In order to continue the growth, which is less likely for the pound, it needs to gain a foothold above the Fibonacci level of 50.0%. The target will be the 38.2% Fibonacci level at 1.3212.
The price is below the MACD line (blue indicator) on the four-hour chart, the Marlin oscillator looks sluggish, ready to return to the zone of negative values. The nearest target of the pound is 1.3028. Settling under it opens the way to 1.2912. In the current situation, it is advisable to wait for the price to settle in a stable movement, since even leading indicators are not uniform in their readings....
