Forecast for GBP/USD on September 28, 2020

GBP/USD

The British pound has been trading at the Fibonacci level of 100.0% (1.2725) for the fourth session, deviating from it in both directions by half a figure. At the moment, the price is showing growth under the influence of convergence on the Marlin oscillator. Growth is weak, it acts as a correction from the movement on September 18-23, that is, we expect the pair to fall to the target levels at Fibonacci levels: 1.2645, 1.2535, 1.2424.

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The price went beyond the area above the MACD line (blue indicator), entering the growth zone of the Marlin oscillator. It will likely continue to consolidate until the end of the day. The price settling in the area below 1.2725 (February 28 low) will be a signal for its decline.

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