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Forecast for GBP/USD on November 8, 2021

On the weekly chart, the price is steadily declining below the indicator lines, supported by the descending Marlin Oscillator.

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The target of the decline is the 1.3160 level - the area of the December 2020 low and the Fibonacci level of 161.8% of the first branch of the June-July 2021 movement.

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On the daily scale chart, the price settled below both indicator lines - below the balance line and the MACD line, the Marlin oscillator is decreasing in the territory of the downward trend.

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On the H4 chart, the price is trying to break above the Fibonacci level of 110.0%. If it succeeds, then the next target of the corrective growth will be the Fibonacci level of 100.0% at the price of 1.3571. Further, we are waiting for the restoration of the downward movement to the designated target at 1.3160.

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