Forecast for GBP/USD on September 4, 2020


The pound sterling lost 67 points on Thursday, now it is growing correctively in the Asian session. The 23.6% Fibonacci level limits growth at 1.3328.


After completing the correction, we expect the pound to decline towards 1.3213 and 1.3120 targets, set by the Fibonacci levels of 38.2% and 50.0%. This grid is visible on the daily and four-hour charts. The price is under pressure from the divergence on the Marlin oscillator.


The price is trying to break away from the support of the MACD line upwards on the four-hour chart, it can succeed, but the resistance is the 23.6% Fibonacci level at 1.3328. The Marlin oscillator is in the downtrend zone. We are waiting for the price to turn around and move towards the bearish targets that were mentioned.

The material has been provided by InstaForex Company -
- Need a custom expert advisor?
- Try the Complex Trader EA.

Share this: