Forecast for GBP/USD on July 13, 2020


The pound sterling attacks the resistance of the Fibonacci level of 110.0% this morning for the third time in the last three days. Taking the growing Marlin oscillator into account, this third attempt may be successful. The target for the pound's growth is the 100.0% Fibonacci level (February 28 low) on the 1.2725 stage. Overcoming this level can raise the price to the Fibonacci level of 76.4%, to the level of 1.2914.


The signal line of the Marlin oscillator turned from the border of the decline territory on the four-hour chart. Here (at this scale), there is also an increased market interest in the pound's growth. We are waiting for a consolidation above the Fibonacci level of 110.0% and the price to grow to the Fibonacci level of 100.0% at the price of 1.2725.


The material has been provided by InstaForex Company -