01.11.202304:48 Forex Analysis & Reviews: Forecast for GBP/USD on November 1, 2023

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.

GBP/USD

Yesterday, the British pound tried to move towards the target range of 1.2271/87 but stopped by the balance line on the daily chart, just as it was on October 24th. Afterwards, the price returned below the descending price channel line. The signal line of the Marlin oscillator came close to the border of the bearish territory.

In case the Federal Reserve shows a softer stance, the price may reach some bullish targets (1.2271/87, 1.2400). However, the current situation lowers the chances of growth, which warns the speculative nature of the moment. If the price settles below 1.2070, it will likely fall towards 1.1880.

On the 4-hour chart, the price has settled below the balance and MACD indicator lines after a false bullish breakout. The Marlin oscillator has also returned to the bearish territory. As a result of the FOMC meeting, the pound may weaken.

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.