Forecast for GBP/USD on October 26, 2020

GBP/USD

After a strong growth on October 21st and a subsequent two-day decline, the pound settled in the range of uncertainty between the balance and MACD indicator lines. The price could continue rising within the range after it goes beyond the target level of 1.3082 - the goal is 1.3185, possibly 1.3255, which according to the main downward scenario will be nothing more than a false exit above the MACD line, then the price will find itself below the 1.3185 level. the Marlin oscillator is in the growth zone, this allows the price to make another growth branch. It is possible for the price to continue falling towards the target of 1.2860 after it settles below 1.3000 (resistance on September 16-18).

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The price settled below the MACD line on the four-hour chart, but it is above the balance line, that is, in the zone of uncertainty. The signal line of the Marlin oscillator in the territory where bears dominate is a sign of the price's intent to overcome the signal level of 1.3000. We will find out soon whether the price can do it.

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The material has been provided by InstaForex Company - www.instaforex.com