FX.co ★ Forecast for GBP/USD on October 24, 2022

The British pound opens the week with an increasing gap for the second consecutive week. This is a negative sign for the pound. The price met resistance from the MACD indicator line of the daily scale. If in the process of closing the gap the price falls below 1.1170, then further advance to 1.0805 may already be more successful than it happened on Friday.

To consolidate the growing short-term trend, the price needs to go above the resistance of 1.1500. Growth can continue in this case up to 1.1760. At this level, short-term growth may end and the price will still return to closing today's gap.

The UK October PMI will be released today. The forecast for Manufacturing PMI suggests a decline from 48.4 to 48.0 points, for Services PMI from 50.0 to 49.6. The gap is likely to close sooner rather than later.

On the four-hour chart, the price looks fixed above the MACD line, an open window creates a sign of false consolidation. A decline under the MACD line, below the level of 1.1282, will return the mood to overcome the support of 1.1170. The Marlin Oscillator will already be in the negative area by this time.