FX.co ★ Forecast for GBP/USD on November 3, 2022

Following the Federal Reserve's rate hike by 0.75%, the British pound lost more than 90 points. In today's Pacific session, the pound corrects a bit, without having time to reach any support. This is probably a sign that the price is preparing for an attack on the MACD indicator line of the daily scale at the price of 1.1330.

If successful, the price may expect to reach the target level of 1.1170.

The Bank of England is expected to raise rates by 0.75% today. If the meeting goes smoothly, without surprises like yesterday from the Fed, we can count on the pound to weaken.

The price settled under both indicator lines on the four-hour chart – the balance line and the MACD line. The Marlin Oscillator is going down in the negative area. There are no signs of a reversal, we are waiting for the price to fall further.