Forecast for GBP/USD on November 9, 2021

The British pound added more than 60 points at the end of Monday, marking 100.0% at the Fibonacci level (July 20 low). There is a possibility of a downward reversal from this level to the Fibonacci level of 123.6% (1.3413) or to the level of 138.2% (1.3313). Confirmation of the upward reversal will be the price exit above the MACD indicator line, above 1.3630.

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There are no clear signs of an upward or downward price movement on the four-hour chart. But here it can be noted that the resistance of the MACD line at the price of 1.3630 coincides with its resistance on the daily chart.

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This circumstance increases the significance of the line (level) and will become a fairly confident signal for a medium-term price rise (1.3910) when it overcomes this level.

A decline below the Fibonacci level of 110.0% (1.3503) will be a signal to advance to 1.3413.

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

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