07.02.202206:26 Forex Analysis & Reviews: Forecast for GBP/USD on February 7, 2022

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The pound fell by 66 points on Friday, the extremums of the day touched the target levels of 1.3606 and 1.3513. The Marlin Oscillator on a daily scale is in the downward trend zone and helps the price overcome the support at 1.3513. But then the price will need more help to cope with the support of the MACD line at 1.3448. If successful, the 1.3312 target will open.

If the price still intends to continue rising, then first it needs to draw today as a white candle, after which Marlin can move into the growth area.

On a four-hour scale, the price is above the balance and MACD indicator lines, which indicates the bulls' priority, but the Marlin Oscillator is in the negative area than it, as a leading indicator, indicates the bears' growing potential.

Here we note that the MACD lines of the daily and four-hour scales coincide at the level of 1.3448. The level is strong and significant. Accordingly, the price moving under it opens the nearest target at 1.3312 and the promising 1.3160.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.