Forecast for GBP/USD on September 7, 2020

GBP/USD

The pound sterling attacked the 38.2% Fibonacci level from above on Friday, but did not settle in the area below it. Stock market players did not get ahead of the events and left due to today's holiday in the US and Canada. The price ended the day near the level it opened the day with, and thus the situation and the tasks remain the same - to settle below the 38.2% Fibonacci level (1.3212) and continue to decline to the target levels 1.3120 and 1.3026, which is also determined by the Fibonacci levels: 50.0% and 61.8%.

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The price settled below the MACD line on the four-hour chart, the downward trend is still present. We look forward to the British pound's decline in the long-term.

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