FX.co ★ Forecast for GBP/USD on November 16, 2023

GBP/USD:

During yesterday's correction, the British pound tested the support of the embedded price channel line (1.2415) and the peak of November 6. This might be enough for the price to resume its upward movement towards the target of 1.2524 with the intention to rise towards 1.2645.

The Marlin oscillator has slightly eased but may continue to rise (it has not reached the overbought territory yet). If the price consolidates below 1.2415, it could return to the support range of 1.2261/87, where the MACD indicator line is currently located. The main scenario is bullish.

On the 4-hour chart, the price paused at the support of 1.2415, and the Marlin oscillator continues to decline. There is a probability of a bullish price reversal below the reached level of 1.2415, possibly even from the MACD line (1.2333).