06.08.201808:33 Forex Analysis & Reviews: Forecast for GBP/USD as of August 6, 2018

Long-term review


On Friday, the US dollar is under pressure and British PMI services had declined from 55.1 to 53.5 in July, while the pound sterling also reduced by 16 points. The daytime time frame showed that the price was formally fixed under the trend line (the depth of the candle is small) and now, all the conditions for further reduction to next support line of 1.2790 have been reached. The Marlin Oscillator is declining.

Exchange Rates 06.08.2018 analysis

Exchange Rates 06.08.2018 analysis

There is no further movement shown in the 4-hour chart. The price goes down under two indicator lines, the Marlin oscillator with a rising line shows a reduction which is the standard behavior after the previous strong movement.

* The presented market analysis is informative and does not constitute a guide to the transaction.

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

Laurie Bailey,
Analytical expert
InstaForex Group © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Can't speak right now?
Ask your question in the chat.