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06.07.202205:27 Forex Analysis & Reviews: Forecast for GBP/USD on July 6, 2022

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The British pound has strongly weakened yesterday along with other world currencies. The dollar index rose by 1.27%, the pound lost 147 points. The quote is now approaching the target level of 1.1800, then the target of 1.1660 may open.

A great technical value currently falls on the Marlin Oscillator. On a daily scale, its signal line slightly rebounded from the nearest descending channel line. Overcoming this support opens a long way down, which indicates either an upcoming strong or prolonged price decline. The departure of the signal line under the linear support will occur after the update of yesterday's low at 1.1898.

The price formed a weak convergence with the oscillator on the H4 chart. It is possible that the price will linger a bit (by a day) before moving further down. Investors' attention is gradually shifting to Friday's US employment data for June. The forecast is moderately positive - 268,000 new jobs are expected in the non-agricultural sector.

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