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

The pound showed good growth on Friday, having won back Thursday's fall. Monday opened with a downward gap – the price decided to take a break on the MACD line of the daily scale. Most likely the gap will be closed.

It is possible that the price will even reach the resistance at 1.1500, but after that, our main scenario requires the price to reverse and return to the support of 1.1170.

If the price manages to settle above 1.1500, then it may continue to rise to the next resistance at 1.1760. The Marlin Oscillator returned to the positive area on the daily chart, which increases the probability of at least a short-term growth (1.1500).

On a four-hour chart, the signal line of the Marlin Oscillator is slightly turning down from the zero neutral line, which can provoke a slight price decrease before further local growth.