Forecast for GBP/USD on August 12, 2020


The British pound managed to work with the 50.0% Fibonacci level on the daily chart yesterday, after which it fell to the 61.8% level reached today in the Asian session. Now the pound is faced with the task of working with the 76.4% Fibonacci level at the price of 1.2912, after which, consolidating below it, goes to 100.0% at 1.2727. The Marlin oscillator falls down a steep trajectory on a daily basis, which indicates a potential increasing rate of the currency.


The price reversed from the point where the MACD line coincided with the 50.0% Fibonacci level on the four-hour chart. At the moment, the price is trying to overcome the support of the 61.8% Fibonacci level. The Marlin oscillator is in the bearish zone, which increases the chances of the pound in overcoming this support. Consolidating under it opens the way to 1.2912.


The material has been provided by InstaForex Company -