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14.08.201905:46 Forex Analysis & Reviews: Forecast for GBP/USD on August 14, 2019

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GBP/USD

The British pound fell 18 points yesterday. Labor data came out mixed - the number of applications for unemployment benefits in June fell from 31.4 thousand (revised from 38.0 thousand) to 28.0 thousand, the unemployment rate increased from 3.8% to 3.9%. Nevertheless, on the daily chart, the Marlin oscillator has grown, having formed a full convergence. This is the main sign of a possible deepening of the correction. Here, the first target will be the Fibonacci level of 238.2% at the price of 1.2154.

On a four-hour chart, the price reversed from the MACD line, the Marlin oscillator is kept in the negative trend zone. To strengthen the downward trend, the price should gain strength in the target range of 1.1986-1.2032, since below it the nearest target will be the Fibonacci reaction level of 314.0% at the price of 1.1763. This is our main forecast scenario.

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