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22.10.201906:24 Forex Analysis & Reviews: Forecast for GBP/USD on October 22, 2019

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GBP/USD

The pound traded in a wide range of 140 points on Monday, but against the background of the last two weeks, such dynamics can be called moderate. The situation around Brexit calmed down, the British Parliament refused to vote on the same Johnson proposal several times, work is underway on the changes.

Technically, the probability of a reversal has increased - the leading indicator Marlin is turning down from the overbought zone. The growth potential is seen at the Fibonacci level of 61.8% at the price of 1.3062.

On the four-hour chart, multiple divergence according to Marlin continues to form, the signal line of the indicator has almost reached the boundary of the transition to the decline zone. Leaving the line in this zone may not allow the pound to grow to a promising target of 1.3062. Consolidating the price under the level of 1.2864 (coincides with the low of yesterday) opens the subsequent targets 1.2814 and 1.2744. The current situation is neutral.

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