For Traders

Analytical Reviews

Technical analysis

02.12.202205:37 Forex Analysis & Reviews: Forecast for GBP/USD on December 2, 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 is trying really hard (and possibly due to recklessness) to work using the expected weakness of the Federal Reserve and today's US jobs data. The forecast for new non-farm jobs is 200,000 against 261,000 in October. The pound gained 1.73% yesterday.

The Marlin oscillator is extremely subdued, it is developing in a horizontal channel with the intention of going down. It is possible for the oscillator to move up from this range, but then the price shouldn't rise by less than 2% for the day, which is unlikely. The nearest target is 1.2410 - low of April and high of June 16. If the price settles above the level, the next target will be the 1.2598-1.2666 range - the double top of May.

On the four-hour chart, the price settled above the level of 1.2200. The divergence of the price with the Marlin oscillator, which is about to occur, suggests that the pace of growth will likely slow down. For now we wait for the price to reach the target level of 1.2410.

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.