FX.co ★ Forecast for GBP/USD on November 3, 2023

GBP/USD:

Yesterday, the British pound gained 49 pips, pausing at the resistance of the balance indicator line on the daily chart. This morning, the price has edged down, and in the evening, US employment data will be released, and the consensus estimate is for this report to turn out worse than forecasts. In this context, the pound will try to reach the target range of 1.2271/87.

Above this range lies the MACD line (1.2322), a breakthrough paves the way for the price to reach the 1.2396 target and increase the prospect of medium-term growth. The Marlin oscillator is rising in the bullish territory.

On the 4-hour chart, the price has settled above the balance and MACD indicator lines, and the Marlin oscillator is developing in the uptrend territory. The safe zone for the uptrend extends to the MACD line at 1.2147.