Forecast for GBP/USD on November 6, 2020

GBP/USD

The pound fell slightly short of the MACD line (1.3180) on the daily chart. It is possible to reach the level, and then a reversal divergence will form according to the Marlin oscillator. A reversal from the current levels will be confirmed when the price settles below the 1.3050 level. In this case, the price will return to 1.2930.

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There is no strong reversal signal on the 4-hour chart. When forming, say, a divergence, the price will need to go even lower and reach 1.3180. US employment data for October will be released today, so speculative action is likely to a high degree. The unemployment rate is forecast to decline from 7.9% to 7.7%. We are waiting for the development of events.

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