For Traders

Analytical Reviews

Technical analysis

17.11.202106:01 Forex Analysis & Reviews: Forecast for GBP/USD on November 17, 2021

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.

On the daily chart, the convergence of the price with the Marlin Oscillator was confirmed. At the moment, the price is growing above the Fibonacci level of 123.65. The price target is the 100.0% Fibonacci level at 1.3571 (July 20 low). This is the July low, and the MACD indicator line is approaching this level.

On the four-hour chart, the price has settled above the MACD line. The Marlin Oscillator shows an intention to turn up without reaching its own zero line. This tells us that the price consolidation above the Fibonacci level of 123.6% is taking place with the promising intention to strengthen the growth after the exit from this consolidation.

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.