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14.11.201905:51 Forex Analysis & Reviews: Forecast for GBP/USD on November 14, 2019

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GBP/USD

The British pound is trading in a narrow range for the third session, which weakens the growth potential and enhances the potential for decline. The signal line of the Marlin oscillator on the daily chart is going deeper into the negative trend zone. The immediate goal of the price is the November 8 low at 1.2768. Overcoming the level opens the second target at 1.2703 - October 11 high, then 1.2608 - Fibonacci level of 38.2%. The MACD line moves to this level, which in due time will strengthen support and, as a result, a subsequent correction is likely from it.

On a four-hour chart, the price worked out the resistance of the MACD line in the region of the Fibonacci level of 38.2%. The signal line of the Marlin oscillator is weakening, the pound will soon accelerate the fall.

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