Forecast for GBP/USD on October 14, 2020

GBP/USD

The pound sterling was down more than 120 points yesterday, almost hitting the first decline target at 76.4% Fibonacci 1.2912. Take note that the Fibonacci grid, built according to the base branch of the movement on December 13, 2019-February 28, 2020, loses its accuracy in determining the target levels. It will be replaced by other technical tools.

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But the price still needs to settle below the level of 76.4% (1.2912) in order for it to advance further towards the target of 1.2674 - to the low on September 23. Getting the price to settle below 1.2912 will also allow the Marlin oscillator to move into a negative trend zone, which will become a confirmation signal for a decline.

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