Forecast for GBP/USD on November 1, 2021

Last Friday, the British pound lost more than 100 points and reached a correction level of 38.2% of the entire movement from September 30 to October 20. Slightly below this level is the MACD line - level 1.3646, and below it is the Fibonacci level of 50.0%. All these supports may become a reversal for the British currency. The Marlin Oscillator is near the zero line and is ready to turn up at any moment as soon as it senses the bears' weakness. We also see strong levels 1.3572 (Fibonacci level 61.8% and support for the range on October 6-12) and 1.3540 - the lower border of the price channel of the weekly timeframe. In this situation, selling is associated with an increased risk. A breakthrough above the 23.6% Fibonacci level (1.3733) will be a signal for growth (1.3936 target - price channel line).

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On the four-hour chart, the price has settled below both indicator lines, Marlin is in the downward trend zone. The trend is downward, but unstable. There are no signals and conditions for opening trading positions.

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

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