Forecast for GBP/USD on August 10, 2021

GBP/USD

Yesterday, the pound fell 25 points after testing the MACD indicator line. With a falling Marlin oscillator, this is a sign of a further price decline, but Marlin is developing in its own rising channel and now it is close to its lower border, from which an upward reversal may follow.

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The price is also supported by the balance indicator line, which indicates that investors are still interested in buying, since the decline is sluggish. A signal for growth will be the price exit above the MACD line (1.3895).

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On the H4 chart, the signal line of the Marlin Oscillator does not go under its own support trend line. The price could reverse to the upside by today. An upward trend will consolidate when the price settles above the MACD line (1.3900). Consolidation at H4 will correspond to the breakthrough of 1.3895 on the daily timescale. We are waiting for the development of events.

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

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