FX.co ★ Forecast for GBP/USD on July 24, 2019

GBP/USD

On Tuesday, Boris Johnson was elected leader of the Conservative Party of Great Britain. Today he takes office as prime minister. In addition, the balance of production orders in the UK from CBI for July has fallen from -15 to -34, which is the lowest value since April 2010, and in fact, since September 2008, when the global crisis was raging. Then this indicator decreased to -59 and by April 2019 reached -36. Yesterday, the pound sterling fell by 36 points, but could lose more. Perhaps it has everything ahead of it.

On the daily chart, the situation is developing in its own way, waiting for the price on the embedded line of the price channel, around 1.2280.

On the four-hour chart, a downward trend has fully formed - the price has consolidated below the indicator lines of balance (red) and MACD (blue), the signal line of the Marlin oscillator is steadily staying in the zone of negative values. We are waiting for the price at a target level of 1.2280.