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16.07.202105:49 Forex Analysis & Reviews: Forecast for GBP/USD on July 16, 2021

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GBP/USD

The pound showed a large trading range of 93 points yesterday, but the day ended with a black candle of 33 points. The price did not attack either the upper level of 1.3918 or the lower level of 1.3800. The closing of the day is geared towards a decline.

The price needs to overcome this nearest support and then the 1.3670 target will open – the April 9 low. The Marlin oscillator is lying sideways below the border of the growth area, this is a sign of its current driven state, as well as a sign that the bulls are starting to weaken.

On the four-hour chart, the price is currently struggling with the support of the MACD line, it is helped by the Marlin oscillator, which is declining in the negative area. But the main signal of a breakdown will be when the price overcomes the support of 1.3800.

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