Forecast for GBP/USD on October 6, 2021

GBP/USD

The British pound maintains growing optimism. In today's Asian session, the price is correcting downward after the previous four-day growth. From a conceptual standpoint, a small correction to the pound is needed as preparation for an attack on the resistance of the MACD line on the daily chart (1.3674). Consolidating on this line opens the target at 1.3848, determined by the embedded price channel line.

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On the H4 chart, the price settled above the balance and MACD indicator lines, the Marlin Oscillator lays in a sideways movement to weaken the pressure on the price during its own consolidation before the expected further growth. The critical level for the correction is the MACD line at 1.3535.

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

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