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06.08.201808:33 Forex Analysis & Reviews: Forecast for GBP/USD as of August 6, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

GBP / USD

On Friday, the US dollar is under pressure and British PMI services had declined from 55.1 to 53.5 in July, while the pound sterling also reduced by 16 points. The daytime time frame showed that the price was formally fixed under the trend line (the depth of the candle is small) and now, all the conditions for further reduction to next support line of 1.2790 have been reached. The Marlin Oscillator is declining.

Exchange Rates 06.08.2018 analysis

Exchange Rates 06.08.2018 analysis

There is no further movement shown in the 4-hour chart. The price goes down under two indicator lines, the Marlin oscillator with a rising line shows a reduction which is the standard behavior after the previous strong movement.

* The presented market analysis is informative and does not constitute a guide to the transaction.

Laurie Bailey
Analytical expert of InstaForex
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