Forecast for GBP/USD on July 11, 2019

GBP/USD

As a result of yesterday, the pound sterling grew by 42 points - the pessimistic speech of the Fed Chairman Jerome Powell in Congress was superimposed on the moderately positive economic data for the UK. UK GDP in May reached an expected 0.3% against -0.4% in April, the trade balance in May improved from -12.8 billion pounds to -11.5 billion, industrial production for the same period increased by 1.4 %, but this indicator is still weak, taking into account the previous drop of 2.9%. In front of Congress, Jerome Powell accentuated the risks to the economy, which increased the expectations of investors of a double rate cut by the end of the year.

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On the daily chart, the Marlin oscillator showed a weak convergence, which makes it possible for correctional growth to continue for another 1-2 days, approximately to the May 23 high (1.2604). Overcoming the level will allow the price to rise higher, towards the price channel line (1.2668).

On the four-hour chart, the downward price from the 1.2480-1.2556 range turned out to be false, which makes it possible to expect a high probability over the upper limit, as a result of which the price will automatically be above the MACD line.

from decline, and on the four-hour chart this line will already be in the overbought zone. We expect a reversal from the level of 1.2604 down. The situation may be delayed, then another rise to 1.2668 is likely, where the MACD daily scale line is aimed.

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Consolidation above the resistance will push the price to a target level of 1.2604. Here, the Marlin oscillator signal line on the daily will meet with the boundary that separates growth.

The material has been provided by InstaForex Company - www.instaforex.com