FX.co ★ Forecast for GBP/USD on October 31, 2023

GBP/USD

Yesterday, the British pound rose by 48 pips and slightly exceeded the resistance of the embedded descending price channel line. Today it opened above this line.

The Marlin oscillator is rising in the bullish territory. Now, the pound must reach the target range of 1.2271/87 and, if possible, climb above the MACD line and the next price channel line (1.2400).

On the 4-hour chart, the price paused at the balance and MACD lines, coinciding with the daily chart's price channel line. In accordance, the consolidation above yesterday's high (1.2173) will provide support to the upward movement. The Marlin oscillator's signal line is firmly fixed in the bullish territory.