FX.co ★ Forecast for GBP/USD on November 8, 2022

The pound shows significant growth for the second consecutive day. Yesterday the quote reached the target level of 1.1500. Now the price has two traditional options: to consolidate the success and continue to grow towards the next target at 1.1760, or turn around from the resistance and return to 1.1170. On this path, the price has an intermediate support at 1.1315 – MACD's indicator line.

Given the political elections in the US that started today, where both parties are in favor of strengthening the dollar, we give a high probability to a reversal scenario. Technically, only the Marlin Oscillator is leaning in this direction so far, which is turning down. We can only follow developments.

On the four-hour chart, the price is trying to settle above the reached level of 1.1500. Consolidation is also taking place above the balance and MACD indicator lines, which shows the bulls' obvious interest in being active. The political factor is strong today and tomorrow, so if the pound falls, the current situation will be interpreted as false and reinforcing the subsequent fall of the British currency. The British establishment is determined to win the Democrats, since it is with them that the English Rothschild clan, which put Rishi Sunak as prime minister, is associated.