FX.co ★ Forecast for GBP/USD on October 7, 2022

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.