FX.co ★ Forecast for GBP/USD on October 31, 2022

On Friday, the price support of 1.1500 proved to be insurmountable for the pound. Turning away from it, the pound closed the day with a white candle. The Marlin Oscillator is turning down, but the price has enough potential to reach the nearest resistance level of 1.1760.

If the dollar rises today, the data on lending in the UK for September should come out worse than forecasts, and forecasts already suggest a decline, then the pound may go under 1.1500, and there the target of 1.1330 will become available - the MACD line of the daily scale. Breaking this support opens the 1.1170 target as the first target in the medium-term decline. If the appetite for risk continues, once a high like 1.1644 has been surpassed, the price will continue to rise to the target resistance of 1.1760.

On a four-hour scale, the price is consolidating above the support line of 1.1500. The Marlin Oscillator has approached the zero line, which inclines the price towards a downward scenario.

The MACD indicator line is approaching the level of 1.1500, strengthening it. Accordingly, after breaking 1.1500, the price may get a strong downward momentum.