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11.08.202205:10 Forex Analysis & Reviews: Forecast for GBP/USD on August 11, 2022

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The British pound, like other world currencies, showed excessive strengthening on yesterday's data on US inflation. The bullish target level of 1.2230 was covered by the upper shadow of the daily candle, now the price is pulling back a bit from it.

The Marlin Oscillator does not share the bulls' optimism, its growth on yesterday's price surge was moderate. But to confirm the price reversal in the medium term, the price still has a long way to go - to return under the support of 1.2100. After that, the price has yet to prove its intention, having overcome the support of the MACD line (1.1985).

But the first signal of the pound's intention to take the path of correction, that is, the decline according to the earlier plan, will be the price consolidating under the MACD line on the four-hour chart, below 1.2180. A decline to 1.1985 may take about a week.

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