Forecast for GBP/USD on August 5, 2021

GBP/USD

Despite the short-term upward price spikes, the British pound remains in a narrow consolidation range below the MACD indicator line on the daily chart.

analytics610b54b14fed3.jpg

If Friday's US employment data fails to help the pound overcome technical resistance, the price could head to the target range of 1.3646/70.

An upward movement towards the 1.4069 target is possible after the price rises above yesterday's high at 1.3957. Simply consolidating above the MACD line in the current situation is not enough, since the price will still remain within the range of the last five days.

analytics610b54c148715.jpg

On the four-hour chart, the price is still hesitating to attack the MACD line, staying at the 23.6% Fibonacci level, although the Marlin oscillator has been in negative territory for a long time. In such a circumstance, even a downward rush of the price may turn out to be a false movement and a stop with a reversal back to growth will occur at any of the Fibonacci levels. The situation is uncertain, we are waiting for the development of events on Friday.

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

from RobotFX
- Need a custom expert advisor?
- Try the Complex Trader EA.

Share this:

Forward
Backward