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Forecast for GBP/USD on August 19, 2021

GBP/USD

Yesterday, the British pound had settled for a bit below the balance indicator line on the daily scale chart, today, having pushed off from it again, the pound continued to decline.

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The Marlin Oscillator is also declining, being in the downward trend zone at this time. The target is the range 1.3646/70 - the area of the September 2017 peak and the MACD line on the weekly chart.

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On the four-hour scale chart, it is noticeable that when the price reaches the specified range of 1.3646/70, convergence may form with the Marlin Oscillator. Taking into account the proximity of the MACD line of the weekly timeframe, we expect a correctional growth from the pound upon reaching the target range of about 130-140 points.

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