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04.08.2022 05:06 AM
Forecast for GBP/USD on August 4, 2022

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.

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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.

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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.

Laurie Bailey,
Analytical expert of InstaForex
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