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FX.co ★ Forecast for GBP/USD on August 15, 2023

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Forex Analysis:::2023-08-15T03:34:43

Forecast for GBP/USD on August 15, 2023

GBP/USD

Yesterday, the British pound did not reach the target support level at 1.2590, deciding to stop at the low of August 3. Such a scenario is also likely as the first wave of decline from July 14 ends. Now, either a deep or prolonged correction is possible. The corrective target is the Fibonacci level of 50.0% at a price of 1.2880.

Forecast for GBP/USD on August 15, 2023

However, for now, the price is trying to stay in the 1.2666-1.2720 range. The price moving above the upper band of this range would be the first step towards overcoming the 1.2777 – resistance of the MACD line. In this case, the signal line of the Marlin oscillator will move out of its range to the upside. If the price can settle below 1.2666, then it might continue to fall to 1.2508 – to the embedded price channel line of the monthly chart.

Forecast for GBP/USD on August 15, 2023

On the 4-hour chart, the price has consolidated above the MACD line. The Marlin oscillator is consolidating before the boundary of the uptrend territory. The pair is prepared to attack 1.2720. Today, reports on UK unemployment and US retail trade will be released. These reports may determine the pound's direction.

Analyst InstaForex
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