Forecast for GBP/USD on March 7, 2019

Yesterday, the British pound did not significantly change in price, as did the euro, awaiting the outcome of today's ECB meeting. But the trend observed this morning on the four-hour chart is upward. If the price goes above the MACD line (1.3211), the signal line of the Marlin oscillator will move to the growth zone, which will technically significantly strengthen the upward trend. The last line will be the level of 1.3285 - the nearest target level of growth and a permissible possibility of false upward movement. Consolidation above this level opens the way to a further increase to the Fibonacci reaction level on the daily chart of 123.6% at the price of 1.3400.

The main scenario is still a decline due to the fact of a price divergence with the daily scale Marlin oscillator. We are waiting for the price to consolidate below the signal level of 1.3108 and a further decline in the pound to the price channel line in the area of 1.2930.

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The material has been provided by InstaForex Company - www.instaforex.com

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