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Wave Analysis from InstaForex
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[QUOTE="InstaForex Gertrude, post: 14810, member: 2617"] [B]Forecast for GBP/USD on May 4, 2020[/B] GBP/USD The British pound lost 100 points on Friday, which strengthened the reversal potential and the convergence power of the Marlin oscillator on the daily chart. [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200504/analytics5eaf8e901362a.jpg[/IMG] To completely form conditions for the price to go down, it is necessary to gain a foothold under the MACD line (1.2365), while the Marlin signal line must go into the zone of negative values. [IMG type="full"]https://forex-images.ifxdb.com/userfiles/20200504/analytics5eaf8ea3f3b98.jpg[/IMG] Marlin is already in the decreasing trend zone on the four-hour chart, the price should overcome the support of the MACD line (1.2405). The support of the MACD line of the daily scope runs a little lower, in the region of 1.2365, therefore, the 1.2365-1.2405 range is transitional, it is possible to consolidate in this range. An attempt to move the price under technical support may occur after a preliminary increase to 1.2540 or slightly lower without breaking convergence on a daily basis. The current situation is not defined under any scenario, the price can freely wander in the range of 1.2365-1.2540. [I][URL="https://www.instaforex.com/forex_analysis"]Analysis are provided by[B][COLOR=Red]Insta[/COLOR]Forex[/B].[/URL][/I] [/QUOTE]
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