empty
 
 
02.08.2023 04:23 AM
Forecast for GBP/USD on August 2, 2023

GBP/USD

Pound's decline slowed, which led to the MACD line rising above the target level of 1.2720. The balance line also turned upwards.

This image is no longer relevant

If sellers remain inactive today or tomorrow, a correction may occur to one of the Fibonacci levels: 1.2893, 1.2940, 1.2988.

So, for further decline to develop, the pair needs to overcome not only yesterday's low, which coincides with the MACD line, but also the target level of 1.2720.

This image is no longer relevant

On the four-hour chart, the pair trades below the balance line. The Marlin oscillator slipped into negative territory, while the MACD line gave another landmark for an upward correction - 1.2900.

Not far from this lies the 38.2% retracement level - 1.2893.

Despite the bearish trend, the pair has all the opportunities to rise above 1.2720.

Laurie Bailey,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback