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24.08.202006:06 Forex Analysis & Reviews: Forecast for GBP/USD on August 24, 2020

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GBP/USD

The pound sterling reformed a technical trading pattern last Friday, which we discussed in the previous review, into a "Sandwich" pattern – four overlapping candles. This pattern hints at a reversal.

With the price overcoming the nearest level of 1.3026, we expect a further decline to 1.2912 – to the Fibonacci level of 76.4%, which the MACD indicator line is aiming for.

The price divergence with the Marlin oscillator continues to work, the signal line of the oscillator touched the border of the zone of negative values this morning, this is a signal to strengthen the downward trend.

The price settled under the balance and MACD indicator lines on the four-hour chart, as well as under the Fibonacci level of 50.0%. The Marlin oscillator is in the downward trend zone. The situation is completely descending on this timeframe, we are waiting for the price to settle at 1.3026.

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