FX.co ★ Forecast for GBP/USD on November 16, 2022

The British pound managed to jump 270 points yesterday without breaking the divergence with the Marlin Oscillator on the daily chart. This is a sign of a trend reversal, but the price is in the consolidation range of August 22-26 at 1.1737-1.1933, so it is extremely important to wait for the price to exit this range in one direction or another with consolidation.

Our main scenario is downward, so the target is the level of 1.1500.

A price divergence has formed with the Marlin Oscillator on the four-hour chart. This increases the probability of overcoming the support of 1.1737 on the first attempt.

Settling below the level opens the 1.1500 target, but on this way the price is waiting for the MACD line (1.1625), so a slight correction is possible here. The correction resistance will be the 1.1737 level.