For Traders

Analytical Reviews

Technical analysis

08.08.201906:32 Forex Analysis & Reviews: Forecast for GBP/USD on August 8, 2019

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

The British pound traded in the range of 70 points yesterday, remaining within the weekly consolidation. Today, this consolidation may be broken up, which follows from the readings of the four-hour chart - the price has come close to the MACD line, and consolidating above it will correspond to the price going out of this range (1.2209).

The market will still have the opportunity to keep the price near the level of 1.2258, corresponding to the resistance of the line of the price channel of the daily scale, but if the rising moment is stronger and the resistance is also broken, the price will increase to 1.2410 - to the MACD line on the daily chart.

A falling scenario can be realized after the price moves below the lower boundary of consolidation at 1.2100. Here, the first target will be the range of 1.2032/55 then 1.1986. Important economic data will be published tomorrow in the UK: GDP for the 2nd quarter is expected to grow at zero, industrial production in June may show a decrease of 0.2%, construction volume may show -0.4% and the trade balance may worsen from -11 , 52 billion pounds to-11.80 billion. We are waiting for data and further developments.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.