Forecast for GBP/USD on October 18, 2021

GBP/USD

The British pound rose by 76 points on Friday. The daily candle closed above the red balance indicator line. This is a sign that the market sentiment of the players is shifting towards buying. The Marlin Oscillator is growing upward with acceleration. This may mean that when the target level is reached, at which the Marlin oscillator penetrates into the overbought zone, a pullback may occur.

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The first such target is the embedded price channel line at 1.3878. It is far from the change in the mood of the local trend - for this, the price must go under the MACD indicator line, in the area of 1.3640.

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On the H4 chart, the Marlin Oscillator has slowed down in its growth, the price is also normalizing to the usual trend rate. Possibly, the price consolidation is taking place now, after which the growth will continue.

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

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