Forex Analysis & Reviews: Forecast for GBP/USD on August 8, 2022

The pound was falling by 151 points on Friday, having touched the support of the MACD trend line (1.2003) with the lower shadow of the daily candle. The price's departure under the trend indicator line will mean a resumption of a decline in the medium term. The first target on this path is the level of 1.1800.

The Marlin Oscillator remains in positive territory for now. Apparently, this circumstance did not allow the price to overcome the support on Friday. Now there is such a situation that the price overcoming the MACD line (1.2003) and the transition of the oscillator to a negative position can coincide in time. Such synchronicity can give a strong momentum to the price in moving down. If the price goes back above 1.2100, then the decline will be delayed for a day or two. Overcoming 1.2230 will open the 1.2435 target.

The price has consolidated under the balance and MACD indicator lines on the four-hour chart, the Marlin Oscillator is developing in negative territory. We are waiting for the price to move down according to the predominant downward scenario.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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