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03.01.2022 05:10 AM
Forecast for GBP/USD on January 3, 2022

The pound showed good growth (47 points) last Friday, but it did not reach the target level of 1.3570 (100.0% Fibonacci level). Consolidating below the Fibonacci level of 110.0% may give an impetus to the retraction of 123.6% (1.3412). The MACD indicator line is in the same area - support is assumed to be strong. Accordingly, overcoming it may set a medium-term decline in the British pound. Target 1.3160. The Marlin Oscillator is reversing from the overbought zone and this indicates the advantage of the reversal scenario.

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Price divergence with Marlin comes into play on the four-hour chart. A decline under the MACD line at 1.3434 will show its determination in the fight against the support at 1.3412.

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A probability (that is not very high) of succeeding price growth is realized after overcoming 1.3570.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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