Forecast for GBP/USD on November 3, 2020

GBP/USD

The British pound reached the nearest target level of 1.2860 on Monday, afterwards it rebounded upward from it and entered the range on October 30. The signal line of the Marlin oscillator shows the intention to reverse from the border of the bears territory on the daily chart. If good Brexit data provides help to this, the pound will rise regardless of the outcome of the US elections. The first growth target is 1.3082.

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If we do not receive good news on Brexit, we are waiting for the pound at the target level of 1.2810, and for the currency to settle below it at the 1.2674 level.

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The Marlin oscillator has come close to the border of the growth area on the four-hour chart, but crossing the border will not become a condition for further price growth, but first the price should settle above the MACD line in the 1.2985 area. We are waiting for the development of events, the arrival of important political news.

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