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GBP/USD
The pound did not begin to work out the technical convergence prevailing on the daily chart, but the probability of further growth, although it has decreased over the past day, remains, the target is 1.2154. Our main scenario is consolidating the price in the range of 1.1986-1.2032, formed by the Fibonacci levels of 271.0% and 261.8%, before further pulling down the pound to 1.1763 - to the reaction level of 314.0%.
Today, retail sales are expected to decrease by 0.3% for July. Retail sales data are also coming out in the US, but the forecast for them suggests a 0.3% increase. US industrial production is expected to grow by 0.1% in July. Tomorrow, new home mortgages in the US are projected to grow from 1.25 million yoy to 1.26 million yoy.
Perhaps the data will help the pound fulfill its main goal.
On the four-hour chart, the price continues to be held by the resistance of the MACD line, the Marlin oscillator is kept in the decline zone.
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