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04.08.202205:06 Forex Analysis & Reviews: Forecast for GBP/USD on August 4, 2022

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The pound fell by only 17 points yesterday, but it managed to do the main thing - to consolidate under the red balance indicator line on the daily timeframe, which shifted the mood of speculators to short positions.

Having overcome the support level of 1.2100, the price will try to overcome the support of the MACD indicator line (1.2015), after which the prospect of a medium-term downward movement will open before it. The nearest target will be the round level of 1.1800.

Yesterday, on the four-hour chart, the price failed to overcome the MACD line and the target level of 1.2100 on the first attempt. The Marlin Oscillator is in a downward position, so it continues to encourage the price for further attempts to overcome the support. The departure under 1.2100 opens the nearest target at 1.2015 – this is the support of the MACD line on a daily scale. Further, the 1.1800 target level may open.

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