FX.co ★ Forecast for GBP/USD on November 17, 2023

GBP/USD:

Yesterday, the pound repeatedly tried to break away from the price channel line in both directions. The attempts turned out to be weak, the attraction of the line was strong, and it closed the day on the price channel line. Today, the pound tried to rise. If the day closes with a white candle, indicating that it will consolidate above the line, the price can safely rise towards the target of 1.2524 and then 1.2645.

The Marlin oscillator is currently descending, so today's growth may be as weak as yesterday's. Overcoming yesterday's low of 1.2375 would open the target range of 1.2261/87. The range is reinforced by the MACD line, making a trend reversal look unlikely.

On the 4-hour chart, a bullish reversal is slowly forming, and the Marlin oscillator is neutral. There is no unified direction on adjacent markets; gold is rising, commodities are falling, stock markets are weak, and bond yields fluctuate in narrow ranges. We expect the pound to start a stable upward movement next week.