02.08.2022 05:03 AM
Forecast for GBP/USD on August 2, 2022

On the second attempt, that is, yesterday, the pound went above the target level of 1.2230 and above the balance indicator line. It continues to rise this morning, there is a difficult path just ahead to the target of 1.2435, and this target level may not be reached, as there is a technically strong 1.2405 ahead of it - the high of June 16 and earlier historical extremes. The Marlin Oscillator is growing, the growth potential has not been exhausted.

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The price has consolidated above the target level of 1.2230 on the four-hour chart, but the Marlin Oscillator does not share the price's optimism, intending to return to the downward trend zone.

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This is already a manifestation of signs of a technically difficult upward movement. If the price settles below 1.2230, Marlin will return to the negative area, this will be the first sign of the completion of the corrective growth.

Laurie Bailey,
Analytical expert of InstaForex
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