FX.co ★ Forecast for GBP/USD on July 26, 2019

GBP/USD

On Thursday, the pound sterling fell by 28 points, which was based on weak data for the UK and a strong release for the United States. In the UK, the balance of retail sales in the CBI estimate for July was -16 against the forecast of 0 and -42 in June. In the US, the volume of orders for durable goods in June increased by 2.0% against the forecast of 0.8% and the weekly report on the number of applications for unemployment benefits from the Ministry of Labor showed a decline from 216 thousand to 206 thousand, which confirms the strength of the labor market.

On the daily chart, changes in indicators and price are insignificant, a target of 1.2280 remains relevant.

On the four-hour chart, the price has not yet been consolidated below the MACD line, the Marlin oscillator signal line has penetrated into the declining trend zone. The signal level for continuing the decline is yesterday's low of 1.2436.

We are waiting for the pound sterling at around 1.2280. Afterwards, 1.2055 is the next support for the embedded line of the price channel.