empty
 
 
04.09.2020 05:17 AM
Forecast for GBP/USD on September 4, 2020

GBP/USD

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.

This image is no longer relevant

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.

This image is no longer relevant

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.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback