On Tuesday afternoon, the GBP/USD pair reached the MACD indicator line – the 1.2792 target, afterwards it returned to the 1.2720 support. The price has been moving in a sideways trend on this support for five days now. The Marlin oscillator is still strong, and there could be another attempt to overcome the MACD line.
If the price consolidates below 1.2720, the five-day sideways movement will end, revealing the target at 1.2666, followed by 1.2590 (June 29 low). On the four-hour chart, the oscillator’s signal line has moved out of its consolidation by moving downwards, establishing itself in the downtrend territory.
The price consolidating below 1.2720 will confirm its intention to fall, with the 1.2666 level as the target. The MACD line acts as an intermediate support around the 1.2687 mark. It coincides with a series of local extremes from early August, so if the pound plans to show a false downward movement, it might stop at the MACD line.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
If you have an interest in any area of Forex Trading, this is where you want to be.
Global Fx Trading Group is a world leader in providing Fx services, o individual traders, including: Unmatched funding programs, on-line education, virtual trading rooms, automation tools, robot building, and personal coaching.
The company was first established by Jeff Wecker, former member of the Chicago Board of Trade, with 25 years in the industry. Jeff has a keen understanding of the needs of Forex traders and those needs are our focus.
Please join our VIP Group while is still FREE …
https://t.me/joinchat/JqsXFBKpyj3YS4bLWzT_rg
Our mission is simple: To enhance as many lives as we can through education and empowerment.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom
