09.08.202209:10 Forex Analysis & Reviews: Hot forecast for GBP/USD on 09/08/2022

The market is frozen in place not only because of a completely empty macroeconomic calendar, but also due to anticipation of tomorrow's release of inflation data in the United States, which will indicate the Federal Reserve's next actions. Probably even for the better that before that, in principle, nothing is published. Market participants are given the opportunity to take a breath and collect their thoughts. It is for this reason that the market stands still. So today the market will simply stand still.

The GBPUSD currency pair is moving in a rollback stage from the psychological level of 1.2000. As a result, the pound strengthened in value by about 100 points, winning back Friday's decline.

The RSI H4 technical instrument is moving in the lower area of the 30/50 indicator, indicating continued downward interest among traders. If the indicator stays above the middle line, a local buy signal may appear.

The moving MA lines on the Alligator H4 indicator are pointing down, which corresponds to the downward cycle from the beginning of August. Alligator D1 has intersections between the MA lines, this signal indicates a slowdown in the corrective move from July 15th.

On the trading chart of the daily period, there is a corrective move in the structure of the downward trend. There is no signal of a change in the medium-term trend.

Expectations and Prospects

In this situation, there is a short-term stagnation within the value of 1.2100. We can assume that the market will continue to be in the stage of consolidation.

The main signal for action will appear after the price stays outside one of the variable values of 1.2050/1.2155.

Complex indicator analysis in the short-term and intraday periods has a variable signal due to stagnation. Indicators in the medium term also have a variable signal, but due to a slowdown in the corrective move.