Forecast for GBP/USD on October 28, 2020

GBP/USD

Yesterday, the pound sterling traded almost within Monday's framework, making an attempt to test 1.3082. The level has confirmed its stability, the price is slightly decreasing this morning. The Marlin oscillator is declining on the daily chart. The price is most likely to fall to the target level of 1.2860.

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Intending to test the 1.3082 level, the price made a false exit above the MACD line on the four-hour chart, however, it did not settle above the line, which nevertheless indicates the pound's weakness. The signal line of the Marlin oscillator reverses from the border of the growth area, this is a sign of its succeeding decline. The signal level for moving to 1.2960 is 1.3000, which the price overcomes as a condition for opening short positions.

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