FX.co ★ Forecast for GBP/USD on October 21, 2022

On Thursday, Liz Truss announced her resignation as chairman of the Conservative Party of England. As a consequence, with the selection of a new head, she will leave the post of prime minister. But even such an event did not have much effect on the course of trading the British pound.

The price failed to overcome the support at 1.1170, rebounded from it by more than 160 points and just as quickly began to approach back to 1.1170. All this is happening under the balance and MACD indicator lines on a daily time frame. Overcoming the support opens the 1.0805 target – the price channel line of the monthly green time frame.

On the H4 chart, the price settled again under the MACD line, which confirmed the falsity of yesterday's upward shot above this line. The Marlin Oscillator maintains its positions in the downward trend. We are waiting for the price to fall further.