empty
 
 
08.07.2021 05:19 AM
Forecast for GBP/USD on July 8, 2021

GBP/USD

The British pound showed a trading range of about 90 points yesterday, but at the end of the day it closed near its opening, but, most importantly, below the target level of 1.3800. The pound continues to decline this morning. The signal line of the Marlin oscillator forms three formations at once: convergence with the price, wedge, consolidation range (gray area).

This image is no longer relevant

Such multi-variance plays in favor of the current medium-term trend, that is, prices could fall. The target of this decline is the 1.3646/70 range - the area of the April and March lows.

This image is no longer relevant

The price was unable to settle above the MACD line (and above the target level of 1.3800) on the H4 chart, which showed a false exit to the upside, after which the price settled below these lines and, with the support of the declining Marlin oscillator, continues the downward movement.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
Yuriy Zaycev
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

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