Forecast for GBP/USD on July 12, 2019


On Thursday, the British pound currently rose by 70 points, but pulled back from contact with the balance line on the daily scale chart, closing the day with an increase of 21 points. The convergence of the Marlin oscillator is weak, the horizontal line forming it, the level of 1.2604 may not be overcome. If successful, however, the 1.2668 target will be open - the point where the price channel line and the MACD line coincide.


On the four-hour chart, the price is higher than the indicator lines of balance and MACD, the signal line of the Marlin oscillator is rising. Another attempt is to exit the 1.2480-1.2556 range upwards is possible - the target is 1.2604 But to achieve this goal on a higher, daily scale, the Marlin line must cross the border with the growth area, and this is difficult for an indicator in its current state. In this situation, it is much easier for the price to go below the indicator lines down, which automatically triggers a downward trend.


The material has been provided by InstaForex Company -