FX.co ★ 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).

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.

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.