FX.co ★ Forecast for GBP/USD on July 12, 2022

The pound lost 142 points yesterday, heading towards the magnetic crossover point of two lines - the target level of 1.1800 and the lower border of the falling wedge on the daily scale chart.

Surpassing the level will open the nearest target at 1.1660. A slight correction is likely (retest of the lower border of the wedge) from this level and further decline.

There is a fairly calm downward situation on the four-hour chart - the price is falling below the balance (moving red) and MACD (moving blue) indicator lines, the Marlin Oscillator does not show any intentions to reverse. In case of a correction, the MACD line will act as its limiter.