FX.co ★ Forecast for GBP/USD on August 5, 2019

GBP/USD

US employment data that was released last Friday did not affect the British pound, it added only 30 points, and at the moment the price is near last Thursday's close. On the daily chart, the Marlin oscillator signal line has slightly grown, which, given the general neutral technical picture, is not a signal.

On the four-hour chart, the Marlin oscillator is in the growth territory and visually the price has formed a small range for gaining strength before further movement. Perhaps the price will receive an impetus to the development of a downward movement from the MACD line, that is, it may still grow to 1.2250. With the price going down below the accumulation range, the price will easily work out the target range of 1.2032/55, which by then will be about 40 points, and will tune to the target of 1.1986 (a 2017 low).