18.07.2022 05:06 AM
Forecast for GBP/USD on July 18, 2022

The British pound's growth from last Friday amounted to 42 points. This morning, the pound added another 32 points, coming close to the upper border of the descending wedge on the daily scale chart. Consolidating above it will open the way to the 1.2073 target level. The Marlin Oscillator is set strongly up. Its signal line has already gone above the sloping resistance line.

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The price's exit from the wedge can transform it into a normal descending channel, the upper hypothetical border of which is indicated on the chart in light green. It will be a complex and ambiguous growth.

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The Marlin Oscillator is growing in the positive area on the four-hour chart, there is not much left to the MACD line (1.1925). The exit above the line will give the corrective growth an additional charge of optimism. The target will be resistance at 1.2073.

Laurie Bailey,
Analytical expert of InstaForex
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