FX.co ★ Forecast for GBP/USD on August 5, 2022

Yesterday, the British pound as a whole repeated Tuesday's development: the price traded in the range of levels 1.2100, 1.2230, with the difference that on Thursday the lower shadow had punctured support. At the moment, the price is preparing another attempt to overcome the level of 1.2100.

The Marlin Oscillator is also set to decrease. But having overcome 1.2100, before the price will open the support of the MACD line in the region of 1.2005, and only after having overcome this level, the prospect of a medium-term downward movement will open. The first target is 1.1800, then 1.1660.

The price is currently below the MACD indicator line on the four-hour chart. To fully have the price settle below it, the current candle must close below this line. The Marlin Oscillator continues to develop in the negative area and helps the bears overcome hidden obstacles.