Forecast for GBP/USD on September 4, 2020

GBP/USD

The pound sterling lost 67 points on Thursday, now it is growing correctively in the Asian session. The 23.6% Fibonacci level limits growth at 1.3328.

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After completing the correction, we expect the pound to decline towards 1.3213 and 1.3120 targets, set by the Fibonacci levels of 38.2% and 50.0%. This grid is visible on the daily and four-hour charts. The price is under pressure from the divergence on the Marlin oscillator.

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The price is trying to break away from the support of the MACD line upwards on the four-hour chart, it can succeed, but the resistance is the 23.6% Fibonacci level at 1.3328. The Marlin oscillator is in the downtrend zone. We are waiting for the price to turn around and move towards the bearish targets that were mentioned.

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