FX.co ★ Forecast for GBP/USD on July 7, 2023

GBP/USD

Yesterday, the British pound covered almost the entire range of target ranges 1.2678 and 1.2785. This morning, the Marlin oscillator is turning down on the daily chart, which indicates that volatility is getting weaker and brings uncertainty with it. Yesterday's growth completed a deep correction of 76.4% from the movement of June 16-29.

US employment data for June will be released today. Nonfarm Payrolls is forecast to reach 225,000, but considering yesterday's strong ADP data and the employment index from ISM, the indicators can easily cover the forecasts.

On the four-hour chart, the price is now above the indicator lines, but a divergence has formed with the Marlin oscillator, which indicates the end of the corrective growth. Therefore, we are waiting for two things: the pound to overcome the MACD line (1.2713), and surpass the 1.2678 mark. The 1.2600 target will become available.