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12.08.202205:04 Forex Analysis & Reviews: Forecast for GBP/USD on August 12, 2022

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Yesterday, the pound retested the 1.2250 level (June 2020 low) and pulled back lower. The signal line of the Marlin Oscillator has turned in a downward direction, the first target of the decline is the support level of 1.2100. Further testing of the MACD line (1.1980) will most likely follow. The price may turn into a medium-term growth from the MACD line, or, after consolidating below it, a further medium-term decline (1.1800, 1.1660).

Exchange Rates 12.08.2022 analysis

Today, the UK will release data on GDP for the second quarter. A decline of 0.2% is expected. The contraction for June could be 1.2%. On an annualized basis, a decline in GDP growth is projected from 8.7% to 2.8% y/y. Industrial production for June is expected to decline by 1.3% after increasing by 0.9% in May, that is, May growth will be covered by a fall.

Exchange Rates 12.08.2022 analysis

The price returned under the MACD indicator line on the four-hour chart. Consolidating the price below the line (with the opening of a new candle below it) will increase the pressure on the price. Amid the expected weak economic data for the UK, we are waiting for the pound to decline to the first target of 1.2100.

Laurie Bailey
Analytical expert of InstaForex
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