FX.co ★ Forecast for GBP/USD on August 7, 2019

GBP/USD

The British pound continues to consolidate in the range of July 30. On the daily chart, the Marlin oscillator has already been significantly discharged by exiting the oversold zone, which indirectly creates the condition for a downward movement of both the price and itself. Economic data for the UK will be released on Friday, forecasts for them are weak; Q2 GDP is expected to grow at zero, industrial production in June may show a 0.2% reduction, construction volume may show -0.4%, and trade surplus may worsen from -11.52 billion pounds to -11.80 billion

On the four-hour chart, the MACD line acts as a growth limiter, the role of which is to indicate the trend's direction by analogy with the moving average. The signal line of the Marlin Oscillator is moving down. Falling sentiment towards targets of 1.2032/55 and further to 1.1986 is maintained.