For Traders

Analytical Reviews

Technical analysis

07.10.202204:55 Forex Analysis & Reviews: Forecast for GBP/USD on October 7, 2022

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.

The pound fell 167 points yesterday. The 1.1170 target level was worked out, and the pound started today below it, the price is set to continue the decline to the deep target of 1.0828 – to the green price channel line. The signal line of the Marlin Oscillator returned to the territory of the downward trend.

Ratings agency Fitch downgraded the UK's AA rating outlook from stable to negative. Consulting companies have already begun to more closely predict the value of the pound at parity with the dollar, which is being spread by the media.

The price is consolidating under the level of 1.1170 on the four-hour chart. An intermediate target on the way to 1.0828 is created by the MACD line (1.1058). Consolidating below it will raise the price's determination to reach 1.0828. The Marlin Oscillator looks stable in the negative area.

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.