FX.co ★ Forecast for GBP/USD on October 8, 2019

GBP/USD

Yesterday, the British pound lost more than 40 points - the price was supported, as in the previous five days, by a line of balance on the daily chart, the signal line of the Marlin oscillator penetrated a little deeper into the decline zone, but more reliable signals for further downward movement have not yet been formed.

On a four-hour chart, the price, like on Monday, remains stuck between the lines of balance and MACD. The Marlin entered the negative trend zone, but not yet deep enough to be a condition for the continuation of the retention of the local trend.

The price cannot gain a foothold under the line of balance on both charts under consideration, which indicates the retention of market interest in growth. With the same probability, the price may rise to the level of 1.2375 and fall to 1.2230. Overcoming the upper level will make it possible for the growth trend to develop to the line of the price channel (daily) 1.2485, overcoming the lower level will allow the price to develop a further decline to 1.2155.