FX.co ★ Forecast for GBP/USD on August 5, 2022

Forecast for GBP/USD on August 5, 2022

Yesterday, the British pound as a whole repeated Tuesday's development: the price traded in the range of levels 1.2100, 1.2230, with the difference that on Thursday the lower shadow had punctured support. At the moment, the price is preparing another attempt to overcome the level of 1.2100.

Forecast for GBP/USD on August 5, 2022

The Marlin Oscillator is also set to decrease. But having overcome 1.2100, before the price will open the support of the MACD line in the region of 1.2005, and only after having overcome this level, the prospect of a medium-term downward movement will open. The first target is 1.1800, then 1.1660.

See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clients
Forecast for GBP/USD on August 5, 2022

The price is currently below the MACD indicator line on the four-hour chart. To fully have the price settle below it, the current candle must close below this line. The Marlin Oscillator continues to develop in the negative area and helps the bears overcome hidden obstacles.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account