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Forecast for GBP/USD on December 7, 2021

The outlook for the British pound's growth looks optimistic. The convergence with the Marlin Oscillator is strengthening, the target of 1.3410 - Fibonacci level of 123.6% is slightly opening. But in order for it to become fully open, the price needs to overcome the immediate resistance of the 138.2% Fibonacci level at 1.3315. Failure could push the price down to the 161.8% Fibonacci level (1.3160).


The price convergence with Marlin is formed on the four-hour chart. At the moment, the signal line of the oscillator is crossing the border with the territory of growth. The price goes to attack the 138.2% Fibonacci level and the MACD line. Success will open the specified target of 1.3410.


The material has been provided by InstaForex Company -