Forecast for GBP/USD on July 8, 2019

GBP/USD

On Friday, the British pound fell by 50 points, while maintaining the stability of last week's declining trend. On the daily chart, the price is lower than the indicator lines of balance (red) and MACD (blue). The balance line indicates the current price trend, the MACD line shows the direction of the current trend and is an independent support and resistance line. The signal line of the leading Marlin oscillator is in the decline zone. The purpose of the decline is the embedded line of the price channel in the area of 1.2311, exactly at the low of November 20, 2016.

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On the four-hour chart, the price is also below the balance and MACD lines, but the Marlin created a price convergence, which contributes to today's correction with the upper limit level of 1.2556 - the low of 3 July.

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