Forecast for GBP/USD on August 31, 2020

GBP/USD

The pound sterling gained 150 points last Friday. From such an acceleration, it even broke through the resistance at the Fibonacci level of 23.6%. But not much, just enough to form a divergence with the Marlin oscillator in a new, wider form on the daily chart. Now we should wait for the market's decision - whether to turn around from the current levels, or continue growing until it reaches the peak on December 13,2019 (1.3514), from which the entire Fibonacci grid is built. We still prefer the reversal scenario.

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The price is traded at the 23.6% Fibonacci level on the four-hour chart. The Marlin oscillator is showing a slight reversal. The first signal for a reversal is when the price settles below 1.3328. A more reliable signal is when the price settles below the 38.2% Fibonacci level, below the 1.3213 price level, to which the MACD line is aiming for.

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