Forecast for GBP/USD on November 5, 2020


As a result of yesterday, the British pound lost more than other currencies due to unrest associated with the US presidential election - by 70 points. The price continues to fall in the Asian session and breaking the signal level of 1.2930 may consistently pull down the pound to targets 1.2860 and 1.2770. The Marlin oscillator is decreasing on the daily chart, but it is still in the positive zone. If the price moves below 1.2930, the oscillator may also move into the negative zone.


The four-hour chart shows that the price is below the MACD indicator line, while Marlin is preparing to enter the downward trendzone. Such a signal on this scale will cause quotes to fall below 1.2930. This is the main scenario. In order to develop growth, the price needs to gain a foothold above the strong level of 1.3050. Then the target will be the high on October 21 in the area of the MACD line on a daily scale (1.3180).


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