Forecast for GBP/USD on November 17, 2021

On the daily chart, the convergence of the price with the Marlin Oscillator was confirmed. At the moment, the price is growing above the Fibonacci level of 123.65. The price target is the 100.0% Fibonacci level at 1.3571 (July 20 low). This is the July low, and the MACD indicator line is approaching this level.

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On the four-hour chart, the price has settled above the MACD line. The Marlin Oscillator shows an intention to turn up without reaching its own zero line. This tells us that the price consolidation above the Fibonacci level of 123.6% is taking place with the promising intention to strengthen the growth after the exit from this consolidation.

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

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