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01.11.202304:48 Forex Analysis & Reviews: Forecast for GBP/USD on November 1, 2023

GBP/USD

Yesterday, the British pound tried to move towards the target range of 1.2271/87 but stopped by the balance line on the daily chart, just as it was on October 24th. Afterwards, the price returned below the descending price channel line. The signal line of the Marlin oscillator came close to the border of the bearish territory.

Exchange Rates 01.11.2023 analysis

In case the Federal Reserve shows a softer stance, the price may reach some bullish targets (1.2271/87, 1.2400). However, the current situation lowers the chances of growth, which warns the speculative nature of the moment. If the price settles below 1.2070, it will likely fall towards 1.1880.

Exchange Rates 01.11.2023 analysis

On the 4-hour chart, the price has settled below the balance and MACD indicator lines after a false bullish breakout. The Marlin oscillator has also returned to the bearish territory. As a result of the FOMC meeting, the pound may weaken.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Laurie Bailey,
Analytical expert of InstaSpot
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