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Forecast for GBP/USD on December 8, 2022

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Yesterday, the pound was down along with the rest of the counter-dollar currencies. It closed the day almost at 1.2200 (1.2202), which means it did not settle below the level nor did it rise above it.

Now only the Marlin oscillator can tell us which direction the price is headed. But it also can’t go under the lower limit of its own channel. Apparently, the situation will become clear tomorrow. The main scenario is that GBP will fall, as the double divergence keeps intensifying, the target is 1.1933.

On the four-hour chart, the price settled under the MACD line, and it is only necessary to overcome the balance line (red indicator), which will mean a shift in traders’ interest in selling the pound. The price reversal from the MACD line was synchronized with the reversal of the Marlin oscillator from the zero line to the downside. This is a sign of a downward momentum. Overcoming yesterday’s low of 1.2106 opens the next target at 1.1933.

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