FX.co ★ Forecast for GBP/USD on October 31, 2024

Yesterday's trading range for the pound exceeded 100 pips, with the bears emerging victorious. The price is now attempting once again to break through the lower boundary of the green ascending price channel (1.2932). A breach of this support could allow the bears to extend their gains to the target level of 1.2859 — the high from June 12.

The Marlin oscillator on the daily scale is rising, trying to prevent the pound from declining prematurely, meaning before the U.S. presidential elections.

However, the situation on the four-hour scale provides an additional advantage to the bears: the price has moved below the balance indicator line, and the Marlin oscillator has firmly entered bearish territory.

Here, the price encounters another support level — the MACD line around 1.2918. Moving below this line would open a clear path toward the target level of 1.2859. Should this happen, the pound would be left with no technical foundation for growth on the day of the U.S. elections.