FX.co ★ Forecast for GBP/USD on July 12, 2021

GBP/USD

Last Friday, the pound showed an outstanding growth by 115 points. This morning, the price approached the target level of 1.3918 (high on April 6) and at the same time the Marlin oscillator approached the zero line - to the border of the growth area.

Exit of the price above the level, respectively, and the exit of Marlin into the growth zone, will provide an aggregate signal to continue the correction to the next target level of 1.4004, approximately in the area of the MACD line. But we cannot say that this option is the main one. The current situation on the daily chart is neutral.

According to the indicators, there is still a potential for growth on the four-hour scale. This circumstance may result in forming a false price exit above the level of 1.3918. That is, after the price rises above 1.3918 and even after the price settles above it on the H4 scale, a downward reversal may follow. We are waiting for either an unambiguous price reversal to the downside, or the pound to settle above 1.3918 on the daily chart.