FX.co ★ Forecast for GBP/USD on November 21, 2023

GBP/USD

The British pound is close to reaching the target level of 1.2524. The price could pull back from this mark since there are signs of forming a minor divergence on the daily chart. If the price consolidates above the divergence level, there might be no divergence, and then the price will continue to rise to the next target level at 1.2645.

The embedded line of the price channel around 1.2402 serves as support for the correction. On the 4-hour chart, GBP/USD is in an uptrend, with the price rising above the indicator lines. The Marlin oscillator is turning upward in the uptrend territory.

The MACD indicator line is on track to rise above the potential support at 1.2402. Therefore, the price may turn upward again without reaching it, turning either from the MACD line or from the November 6 peak at 1.2427.