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05.07.2022 04:47 AM
Forecast for GBP/USD on July 5, 2022

Yesterday, the pound closed the day almost at the opening level. Formally, this means that the price has stayed above the support of 1.2073 and may develop growth potential to 1.2250.

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The Marlin Oscillator is growing in the negative zone. Even if the price reaches 1.2250, Marlin can stay in negative territory, which expands the freedom of price action. Consolidating under 1.2073 opens the target at 1.1800.

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The price is now struggling with the MACD indicator line on the four-hour chart. In this struggle, the Marlin Oscillator, which is fixed in the positive area, provides help. Consolidating above it will allow the price to continue rising to the target level of 1.2250.

If consolidating above the indicator line does not occur, the price will turn down, settle under the level of 1.2073, then preparations for moving up to 1.1800 will begin.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
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