12.08.202405:08 Forex Analysis & Reviews: Forecast for GBP/USD on August 12, 2024

Relevance up to 23:00 2024-08-12 UTC--4

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The price could not rise above the daily balance indicator line on Thursday and Friday of last week. The pair reached the target level of 1.2755, which aligns with the 23.6% correction. There has yet to be consolidation above this level. If today closes with a bearish candlestick, it would be a significant sign of the correction's end.

If the price falls below Friday's low of 1.2725, it would also mean overcoming the support of the MACD line, confirming the end of the correction and a resumption of the decline toward the target of 1.2633. Closing the day with a white candlestick would be a consolidation above 1.2755 and indicate the price's intention to rise to the target level of 1.2847, close to the 50.0% retracement level.

On the 4-hour chart, the price has consolidated above both indicator lines and the 1.2755 level. The Marlin oscillator is showing progress in the uptrend territory. After analyzing the two timeframes, the probability of growth appears higher. However, we await confirmation as employment data for England will be released tomorrow, and the unemployment forecast suggests an increase from 4.4% to 4.5%.

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