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Forecast for GBP/USD on August 11, 2021

GBP/USD

The British pound slightly fell yesterday, supported by the balance indicator line on the daily chart. The Marlin Oscillator has reached the lower border of its own channel, now we can expect an upward reversal of the oscillator and the price itself.

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Overcoming the MACD line (1.3890) opens the target at 1.4069 - the high on February 26, 2018. If this is the plan for the main scenario, the price moves below the signal level of 1.3786 (June 21 low), then the target range 1.3646/70 will reopen.

The price has formed a falling wedge on the 4-hour time frame. With general growing sentiments, such a formation is more likely to exit to the upside with accelerated growth. The prospect of just such a development of events is supported by the Marlin Oscillator, which is rising against the price decline without going under the trend line.

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At this scale, the MACD indicator line is slightly below the daily MACD line (1.3900 versus 1.3890). At this discrepancy, a slight delay in growth may occur, more often this occurs when retesting the upper border of the wedge. This option is marked with a dashed line.

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