Forex Analysis & Reviews: Forecast for GBP/USD on August 16, 2022

As a result of Monday, the British pound fell by 79 points, passing under the indicator balance line, which empirically shifts the players' interest mainly in short positions.

The price is systematically approaching the nearest support at 1.1970 - the MACD line of the daily scale. The Marlin Oscillator has crossed the border with the territory of the downward trend, the downward movement continues. The second target is the level of 1.1800.

The price settled below the balance indicator line on the four-hour chart, Marlin is falling in negative territory. We are waiting for a further slow decline in the pound.

*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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