FX.co ★ Forecast for GBP/USD on November 19, 2024

On Friday, the British pound reached its target support level of 1.2612. With the next target at 1.2510, just over 100 pips away, the price opted for a corrective move to reassess and gather momentum for further progress toward this level.

The Marlin oscillator's signal line appears to be heading toward the upper boundary of its descending channel, potentially signaling a reversal. The price may reach the target level of 1.2773 during this upward move, but it must first contend with the 1.2708 resistance.

The price remained tethered to the 1.2612 support level on the four-hour chart until the Marlin oscillator transitioned into positive territory. This suggests that Marlin may soon enter the overbought zone, reverse downward, and pull the price along. We anticipate that the corrective phase will conclude soon.