Forecast for GBP/USD on August 13, 2020

GBP/USD

The pound sterling was down 13 points on Wednesday, but the overall weakening of the US dollar prevented the price from doing more. The price is slightly growing today in the Asian session, strengthening the consolidation at the Fibonacci level of 61.8%. The Marlin oscillator is steadily declining, indicating the price's direction in the near future. The pound's target remains the same - 1.2912 at the Fibonacci level of 76.4%.

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The price develops below the balance indicator line on the four-hour chart - a potential downward trend. But Marlin has formed a convergence with the price, which can increase consolidation over time.

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As a result, we believe that the horizontal trend will continue for the British pound above the Fibonacci level of 61.8%. The subsequent price consolidation below it (1.3028), as expected on Friday, when the data on retail sales and industrial production in the US is released, will launch a new wave of decline to 1.2912 - to the Fibonacci level of 76.4%.

The material has been provided by InstaForex Company - www.instaforex.com