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Forecast for GBP/USD on July 23, 2021

GBP/USD

Yesterday, the pound gained 52 points, and according to the Marlin oscillator, a reversal pattern is outlined before the border with the growth area, as it was in mid-July. This area is marked on the daily chart with a gray oval.

analytics60fa344c5343b.jpg

If the reversal does not take place, the price will settle above yesterday's high of 1.3786, Marlin will move into the zone of positive values, the growth may continue for another figure and a half, to the MACD line, to the 1.3909 target level, which coincides with the top of July (checkmark). The main downward trend scenario assumes that the price would reach the target range of 1.3646/70 and further downward movement (1.3538).

analytics60fa34581fb7f.jpg

The price went slightly above the MACD line on the four-hour scale chart, but the Marlin oscillator, which is turning down, suggests that the price may return back below the line. We follow the development of events.

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